VEON (VEON) 20-F 29 Apr 22 2021 FY Annual report (foreign) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2021shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	1-34694
Entity Registrant Name	VEON LTD.
Entity Incorporation, State or Country Code	D0
Entity Address, Address Line One	Claude Debussylaan 88
Entity Address, Postal Zip Code	1082 MD
Entity Address, City or Town	Amsterdam
Entity Address, Country	NL
Title of 12(b) Security	American Depositary Shares, or ADSs,each representing one common share
Trading Symbol	VEON
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding (in shares)	1,756,731,135
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Entity Central Index Key	0001468091
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	Claude Debussylaan 88
Entity Address, Postal Zip Code	1082 MD
Entity Address, City or Town	Amsterdam
Entity Address, Country	NL
City Area Code	+31
Local Phone Number	20 797 7200
Contact Personnel Name	Victor Biryukov

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Auditor Information [Abstract]
Auditor Name	PricewaterhouseCoopers Accountants N.V.
Auditor Location	Amsterdam, the Netherlands
Auditor Firm ID	1395

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED INCOME STATEMENT - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	[1]	Dec. 31, 2019	[1]
Statement1 [Line Items]
Total operating revenues	$ 7,788	$ 7,291		$ 8,089
Other operating income	4	4		350
Service costs	(1,393)	(1,334)		(1,366)
Cost of equipment and accessories	(487)	(378)		(476)
Selling, general and administrative expenses	(2,579)	(2,432)		(2,736)
Depreciation	(1,545)	(1,432)		(1,512)
Amortization	(308)	(310)		(333)
Impairment (loss) / reversal	(20)	(784)		(108)
Gain / (loss) on disposal of non-current assets	(17)	(36)		(44)
Gain / (loss) on disposal of subsidiaries	101	(78)		1
Operating (loss) / profit	1,544	511		1,865
Finance costs	(690)	(673)		(876)
Finance income	16	23		52
Other non-operating gain / (loss)	34	111		21
Net foreign exchange gain / (loss)	4	(54)	[2]	(18)	[2]
Profit / (loss) before tax from continuing operations	908	(82)	[2]	1,044	[2]
Income tax expense	(258)	(313)		(462)
Profit / (loss) from continuing operations	650	(395)		582
Profit / (loss) after tax from discontinued operations	151	79		101
Profit / (loss) for the period	801	(316)		683
Attributable to:
The owners of the parent (continuing operations)	605	(384)		576
The owners of the parent (discontinued operations)	69	35		45
Non-controlling interest	127	33		62
Profit / (loss) for the period	$ 801	$ (316)		$ 683
Basic and diluted gain / (loss) per share attributable to ordinary equity holders of the parent:
Diluted gain (loss) per share from continuing operations (in dollars per share)	$ 0.35	$ (0.22)		$ 0.33
Basic gain (loss) from continuing operations per share (in dollars per share)	0.35	(0.22)		0.33
Diluted gain (loss) per share from discontinued operations (in dollars per share)	0.04	0.02		0.03
Basic gain (loss) from discontinued operations per share (in dollars per share)	0.04	0.02		0.03
Diluted gain (loss) per share	0.39	(0.20)		0.36
Basic gain (loss) per share	$ 0.39	$ (0.20)		$ 0.36
Service revenues
Statement1 [Line Items]
Total operating revenues	$ 7,147	$ 6,786		$ 7,472
Sale of equipment and accessories
Statement1 [Line Items]
Total operating revenues	508	388		463
Other revenues
Statement1 [Line Items]
Total operating revenues	$ 133	$ 117		$ 154
[1]	*Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation (see Note 10 )
[2]	* Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation ( see note 10 )

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Statement of comprehensive income [abstract]
Profit / (loss)	$ 801	$ (316)	[1]	$ 683	[1]
Items that may be reclassified to profit or loss
Foreign currency translation	(200)	(623)		49
Other	0	1		26
Items reclassified to profit or loss
Reclassification of accumulated foreign currency translation reserve to profit or loss upon disposal of foreign operation	0	96		0
Other	(3)	(15)		(19)
Other comprehensive income / (loss) for the period, net of tax	(203)	(541)		56
Total comprehensive income / (loss)	598	(857)		739
Attributable to:
The owners of the parent	513	(800)		733
Non-controlling interests	85	(57)		6
Total comprehensive income / (loss)	$ 598	$ (857)		$ 739
[1]	*Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation (see Note 10 )

CONSOLIDATED STATEMENT OF FINAN

CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($) $ in Millions		Dec. 31, 2021	Dec. 31, 2020
Non-current assets
Property and equipment		$ 6,717	$ 6,879
Intangible assets		3,244	4,152
Investments and derivatives		99	305
Deferred tax assets		228	186
Other assets		216	179
Total non-current assets		10,504	11,701
Current assets
Inventories		111	111
Trade and other receivables		690	572
Investments and derivatives	[1]	86	90
Current income tax assets		70	73
Other current assets		344	335
Cash and cash equivalents	[1]	2,252	1,669
Total current assets		3,553	2,850
Non-current assets or disposal groups classified as held for sale		1,864	0
Total assets		15,921	14,551
Equity
Equity attributable to equity owners of the parent		586	163
Non-controlling interests		919	850
Total equity		1,505	1,013
Non-current liabilities
Debt and derivatives		9,404	8,832
Provisions		87	141
Deferred tax liabilities		115	127
Other liabilities		36	28
Total non-current liabilities		9,642	9,128
Current liabilities
Trade and other payables	[1]	2,031	1,946
Debt and derivatives	[1]	1,242	1,255
Provisions		109	151
Current income tax payables		228	175
Other liabilities		773	883
Total current liabilities		4,383	4,410
Liabilities associated with assets held for sale		391	0
Total equity and liabilities		$ 15,921	$ 14,551
[1]	* Certain comparative amounts have been reclassified, refer to Note 24 for further details.

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions	Total		Total	Issued capital	Capital Surplus	Other capital reserves	Accumulated deficit	[1]	Foreign currency translation reserve	Non-controlling interests
Number of shares outstanding at beginning of period (in shares) (Previously stated) at Dec. 31, 2018				1,749,127,404
Number of shares outstanding at beginning of period (in shares) at Dec. 31, 2018				1,749,127,404
Equity at beginning of period (Previously stated) at Dec. 31, 2018	$ 2,779		$ 3,670	$ 2	$ 12,753	$ 743	$ (1,412)		$ (8,416)	$ (891)
Equity at beginning of period (Increase (decrease) due to changes in accounting policy required by IFRSs) at Dec. 31, 2018	(4)		(3)				(3)			(1)
Equity at beginning of period at Dec. 31, 2018	2,775		3,667	$ 2	12,753	743	(1,415)		(8,416)	(892)
Profit / (loss) for the period	683	[2]	621				621			62
Other comprehensive income / (loss)	56		112			6	1		105	(56)
Total comprehensive income / (loss)	739		733			6	622		105	6
Dividends declared	(633)		(525)				(525)			(108)
Acquisition of non-controlling interest	(608)		(2,594)			(2,594)				1,986
Other	(53)		(55)			(42)	(12)		(1)	2
Number of shares outstanding at end of period (in shares) (Previously stated) at Dec. 31, 2019				1,749,127,404
Number of shares outstanding at end of period (in shares) at Dec. 31, 2019				1,749,127,404
Equity at end of period (Previously stated) at Dec. 31, 2019	2,220		1,226	$ 2	12,753	(1,887)	(1,330)		(8,312)	994
Equity at end of period at Dec. 31, 2019	2,220		1,226	$ 2	12,753	(1,887)	(1,330)		(8,312)	994
Profit / (loss) for the period	(316)	[2]	(349)				(349)			33
Other comprehensive income / (loss)	(541)		(451)			(10)	(4)		(437)	(90)
Total comprehensive income / (loss)	(857)		(800)			(10)	(353)		(437)	(57)
Dividends declared	(349)		(262)				(262)			(87)
Other	(1)		(1)			(1)	26		(26)	0
Number of shares outstanding at end of period (in shares) at Dec. 31, 2020				1,749,127,404
Equity at end of period at Dec. 31, 2020	1,013		163	$ 2	12,753	(1,898)	(1,919)		(8,775)	850
Profit / (loss) for the period	801		674				674			127
Other comprehensive income / (loss)	(203)		(161)			(1)	(2)		(158)	(42)
Total comprehensive income / (loss)	598		513			(1)	672		(158)	85
Dividends declared	(89)		0				0			(89)
Acquisition of non-controlling interest	(7)		(76)			(76)				69
Acquisition of subsidiary	(10)		(16)			(16)				6
Other	0		2			1	1		0	(2)
Number of shares outstanding at end of period (in shares) at Dec. 31, 2021				1,749,127,404
Equity at end of period at Dec. 31, 2021	$ 1,505		$ 586	$ 2	$ 12,753	$ (1,990)	$ (1,246)		$ (8,933)	$ 919
[1]	Certain of the consolidated entities of VEON Ltd. are restricted from remitting funds in the form of cash dividends or loans by a variety of regulations, contractual or local statutory requirements, refer to Note 26 for further details.
[2]	*Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation (see Note 10 )

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Operating activities
Profit / (loss) before tax from continuing operations		$ 908		$ (82)	[1],[2]	$ 1,044	[1],[2]
Non-cash adjustments to reconcile profit before tax to net cash flows
Depreciation, amortization and impairment loss / (reversal)		1,873		2,526	[1]	1,953	[1]
(Gain) / loss on disposal of non-current assets		17		36	[1]	44	[1]
(Gain) / loss on disposal of subsidiaries		(101)		78	[1]	(1)	[1]
Finance costs		690		673	[1]	876	[1]
Finance income		(16)		(23)	[1]	(52)	[1]
Other non-operating (gain) / loss		(34)		(111)	[1]	(21)	[1]
Net foreign exchange (gain) / loss		(4)		54	[1],[2]	18	[1],[2]
Changes in trade and other receivables and prepayments		(259)		(17)	[1]	(158)	[1]
Changes in inventories		(7)		39	[1]	(28)	[1]
Changes in trade and other payables		202		38	[1]	(13)	[1]
Changes in provisions, pensions and other		(1)		(35)	[1]	97	[1]
Interest paid		(619)		(640)	[1]	(708)	[1]
Interest received		16		23	[1]	58	[1]
Income tax paid		(289)		(328)	[1]	(466)	[1]
Net cash flows from operating activities from continuing operations		2,376		2,231	[1]	2,643	[1]
Net cash flows from operating activities from discontinued operations		263		212	[1]	305	[1]
Investing activities
Purchase of property, plant and equipment and intangible assets		(1,796)		(1,677)	[1]	(1,582)	[1]
Receipts from / (Payments) on deposits		(58)		(72)	[1]	(222)	[1]
Receipts from / (Investments in) financial assets	[3]	(78)		(45)	[1]	(11)	[1]
Proceeds from sales of share in subsidiaries, net of cash		861		36	[1]	0	[1]
Other proceeds from investing activities, net		4		(6)	[1]	26	[1]
Cash flows from (used in) investing activities, continuing operations		(1,067)		(1,764)	[1]	(1,789)	[1]
Net cash flows from / (used in) investing activities from discontinued operations		(114)		(102)	[1]	(84)	[1]
Financing activities
Proceeds from borrowings, net of fees paid	[4]	2,090		4,621	[1]	2,610	[1]
Repayment of debt		(2,466)		(4,351)	[1]	(2,891)	[1]
Acquisition of non-controlling interest		(281)		(1)	[1]	(613)	[1]
Dividends paid to owners of the parent		0		(259)	[1]	(520)	[1]
Dividends paid to non-controlling interests		(19)		(43)	[1]	(69)	[1]
Net cash flows from / (used in) financing activities from continuing operations		(676)		(33)	[1]	(1,483)	[1]
Cash flows from (used in) financing activities, discontinued operations		(68)		(70)	[1]	(156)	[1]
Net increase / (decrease) in cash and cash equivalents		714		474	[1]	(564)	[1]
Net foreign exchange difference		(23)		(51)	[1]	(8)	[1]
Cash and cash equivalents classified as discontinued operations/held for sale at the end of period		(113)		0	[1]	0	[1]
Cash and cash equivalents at beginning of period	[1],[3]	1,661	[5]	1,238	[5]	1,810
Cash and cash equivalents at end of period	[5]	$ 2,239		$ 1,661	[1],[3]	$ 1,238	[1],[3]
[1]	* Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation ( see note 10 )
[2]	*Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation (see Note 10 )
[3]	**** Certain comparative amounts have been reclassified ,refer to Note 24 for further details.
[4]	Fees paid for borrowings were US$32 (2020: US$29, 2019: US$23)
[5]	Overdrawn amount was US$13 (2020: US$8)

CONSOLIDATED STATEMENT OF CAS_2

CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of cash flows [abstract]
Fees paid for borrowings	$ 32	$ 29	$ 23
Bank overdrafts	$ 13	$ 8

GENERAL INFORMATION

GENERAL INFORMATION	12 Months Ended
	Dec. 31, 2021
General Information
GENERAL INFORMATION	GENERAL INFORMATION VEON Ltd. ( “VEON” , the “Company” , and together with its consolidated subsidiaries, the “Group” or “we” ) was incorporated in Bermuda on June 5, 2009. The registered office of VEON is Victoria Place, 31 Victoria Street, Hamilton HM 10, Bermuda. VEON’s headquarters and the principal place of business are located at Claude Debussylaan 88, 1082 MD Amsterdam, the Netherlands. VEON generates revenue from the provision of voice, data and other telecommunication services through a range of mobile and fixed-line technologies, as well as selling equipment and accessories. VEON’s American Depository Shares ( “ADSs” ) are listed on the NASDAQ Global Select Market (“ NASDAQ ”) and VEON’s common shares are listed on Euronext Amsterdam, the regulated market of Euronext Amsterdam N.V. ( “Euronext Amsterdam” ). The consolidated financial statements were authorized by the Board of Directors for issuance on April 29, 2022. The Company has the ability to amend and reissue the consolidated financial statements. The consolidated financial statements are presented in United States dollars ( “U.S. dollar” or “US$” ). In these Notes, U.S. dollar amounts are presented in millions, except for share and per share (or ADS) amounts and as otherwise indicated. Due to the ongoing conflict between Russia and Ukraine, material uncertainties have been identified that may cast significant doubt on the Company’s ability to continue as a going concern which are discussed in detail in Note 24 of these consolidated financial statements. Major developments during the year ended December 31, 2021 Financing activities In March 2021, VEON successfully entered into a new multi-currency revolving credit facility agreement (the “RCF”) of US$1.25 billion. The RCF replaced the revolving credit facility signed in February 2017, which is now cancelled. For further details, refer to Note 16 . In March 2021, VEON successfully amended and restated its existing RUB30 billion (US$396), bilateral term loan agreement with Alfa Bank by adding a new floating rate tranche of RUB15 billion (US$198). For further details please refer to Note 16 . In March 2021, PMCL successfully entered into a new PKR 15 billion (US$98) syndicated facility with MCB Bank as agent and PKR 5 billion (US$33), bilateral term loan facility with United Bank Limited. Both facilities have a tenor of seven years. In April 2021, the proceeds from Alfa Bank new tranche of RUB 15 billion (US$198) were used to early repay RUB 15 billion (US$198) of loans from Sberbank, originally maturing in June 2023. In June 2021, PMCL secured a PKR 50 billion (US$320) syndicated credit facility from a banking consortium led by Habib Bank Limited. This ten years facility will be used to finance the company’s ongoing 4G network rollouts and technology upgrades, as well as to address upcoming maturities. In September 2021, VEON Holdings B.V. issued senior unsecured notes of RUB 20 billion (US$273), maturing in September 2026. The notes were issued under the Global Medium Term Note Programme established in April 2020 (the “GMTN Programme”) and proceeds were used for the early repayment of RUB 20 billion (US$273) of outstanding loans to Sberbank that were originally maturing in June 2023. In December 2021, VEON Finance Ireland Designated Activity Company signed a RUB 45 billion (US$612) Term Facilities Agreement with Alfa Bank which includes a RUB 30 billion (US$408) fixed rate tranche and a RUB 15 billion (US$204) floating rate tranche, both with a maturity date of December 2026. The facilities are guaranteed by VEON Holdings B.V.. The proceeds from the Alfa Bank facilities have been used to finance intercompany loans to PJSC Vimpel-Com. In December 2021, VEON Finance Ireland Designated Activity Company signed a RUB 45 billion (US$611) Term Facility Agreement with Sberbank with a floating rate. Maturity date of the facility is December 2026 and it is guaranteed by VEON Holdings B.V.. The proceeds from the Sberbank facility have been used to finance an intercompany loan to PJSC Vimpel-Com. In December 2021, VEON Holdings B.V. repaid RUB 45 billion (US$611) of outstanding loans to Alfa Bank, comprising of a RUB 30 billion loan (US$407) originally maturing in March 2025 and a RUB 15 billion (US$204) loan originally maturing in March 2026. In December 2021, VEON Holdings B.V. repaid RUB 45 billion (US$612) of outstanding loans to Sberbank, comprising of a RUB 15 billion (US$204) loan originally maturing in June 2023 and a RUB 30 billion (US$408) loan originally maturing in June 2024. Other developments In March 2021, VEON successfully concluded the acquisition of the 15% minority stake in PMCL from the Dhabi Group for US$273. For further details please refer to Note 16 . In March 2021, VEON's operating company in Bangladesh acquired spectrum following successful bids at an auction held by the BTRC. For further details please refer to Note 9 . In September 2021, VEON's operating company in Pakistan recognized the ex-Warid license. For further details please refer to Note 9 . Exercised Put option to sell entirety stake in Omnium Telecom Algerie SpA On July 1, 2021, VEON exercised its put option to sell the entirety of its 45.57% stake in its Algerian subsidiary, Omnium Telecom Algerie SpA (Algeria" to the Fonds National d'Investissement (FNI). Omnium owns Algerian mobile network operator, Djezzy. Under the terms of the Shareholders' Agreement, the transaction is expected to be completed in 2022. The Company classified its operations in Algeria as held-for-sale and discontinued operations. In connection with this classification, the Company no longer accounts for depreciation and amortization expenses of Algeria assets. The results for Algeria in the consolidated income statements and the consolidated statements of cash flows for 2021, 2020 and 2019 have been presented separately (see Note 10 Held for Sale and Discontinued Operations). Agreement between VEON and Service Telecom regarding the sale of its Russian tower assets On September 5, 2021, the Company and VEON Holdings B.V., a subsidiary of the Company, signed an agreement for the sale of its direct subsidiary, National Tower Company ("NTC"), with Service Telecom Group of Companies LLC, (“ST”), which was completed on December 1, 2021 (see Note 9 Significant Transactions).

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2021
Disclosure of operating segments [abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Management analyzes the Company’s operating segments separately because of different economic environments and stages of development in different geographical areas, requiring different investment and marketing strategies. Management evaluates the performance of the Company’s segments on a regular basis, primarily based on earnings before interest, tax, depreciation, amortization, impairment, gain / loss on disposals of non-current assets, other non-operating gains / losses and share of profit / loss of joint ventures and associates ( “Adjusted EBITDA” ) along with assessing the capital expenditures excluding certain costs such as those for telecommunication licenses and right-of-use assets ( “CAPEX excl. licenses and ROU” ). Management does not analyze assets or liabilities by reportable segments. Reportable segments consist of Russia, Pakistan, Ukraine, Kazakhstan, Uzbekistan and Bangladesh. We also present our results of operations for “Others” and “HQ and eliminations” separately, although these are not reportable segments. “Others” represents our operations in Kyrgyzstan and Georgia and “HQ and eliminations” represents transactions related to management activities within the group. Financial information by reportable segment for the periods ended December 31 is presented in the following tables. Inter-segment transactions are not material and are made on terms which are comparable to transactions with third parties. Total revenue Adjusted EBITDA CAPEX excl licenses and ROU 2021 2020 2019 2021 2020 2019 2021 2020 2019 Russia 3,950 3,819 4,481 1,476 1,504 1,957 1,019 1,017 976 Pakistan 1,408 1,233 1,321 643 612 669 318 249 213 Ukraine 1,055 933 870 704 630 572 203 179 156 Kazakhstan 569 479 486 307 265 270 134 119 108 Uzbekistan 194 198 258 89 68 136 34 52 53 Bangladesh 564 537 537 235 228 222 89 126 82 Others 81 125 172 41 22 63 25 33 38 HQ and eliminations (33) (33) (36) (162) (178) (28) 3 19 7 Total 7,788 7,291 8,089 3,333 3,151 3,861 1,825 1,794 1,633 The following table provides the reconciliation of consolidated Profit / (loss) before tax from continuing operations to Adjusted EBITDA for the years ended December 31: 2021 2020 2019 Profit / (loss) before tax from continuing operations 908 (82) 1,044 Depreciation 1,545 1,432 1,512 Amortization 308 310 333 Impairment loss / (reversal) 20 784 108 (Gain) / loss on disposal of non-current assets 17 36 44 (Gain) / loss on disposal of subsidiaries (101) 78 (1) Finance costs 690 673 876 Finance income (16) (23) (52) Other non-operating (gain) / loss (34) (111) (21) Net foreign exchange (gain) / loss (4) 54 18 Total Adjusted EBITDA 3,333 3,151 3,861

OPERATING REVENUE

OPERATING REVENUE	12 Months Ended
	Dec. 31, 2021
Revenue [abstract]
OPERATING REVENUE	OPERATING REVENUE VEON generates revenue from the provision of voice, data and other telecommunication services through a range of wireless, fixed and broadband Internet services, as well as selling equipment and accessories. Products and services may be sold separately or in bundled packages. Revenue from contracts with customers The table below provides a breakdown of revenue from contracts with customers for the years ended December 31. In 2020, the Company presented ‘Service revenue’ (Mobile and Fixed) separately from ‘Sale of equipment and accessories’ and ‘Other revenue’, for each reportable segment. Service revenue Sale of Equipment and accessories Other revenue Total revenue Mobile Fixed 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Russia 2,916 2,917 3,485 552 523 539 472 366 446 10 13 11 3,950 3,819 4,481 Pakistan 1,285 1,134 1,229 — — — 18 11 6 105 88 86 1,408 1,233 1,321 Ukraine 980 869 812 68 59 52 — — — 7 5 6 1,055 933 870 Kazakhstan 459 392 379 91 78 66 17 7 2 2 2 39 569 479 486 Uzbekistan 193 196 255 1 1 2 — — — — 1 1 194 198 258 Bangladesh 553 527 525 — — — — — 1 11 10 11 564 537 537 Others 81 102 135 — 19 27 — 4 8 — — 2 81 125 172 HQ and eliminations (15) (31) (34) (17) — — 1 — — (2) (2) (2) (33) (33) (36) Total 6,452 6,106 6,786 695 680 686 508 388 463 133 117 154 7,788 7,291 8,089 Assets and liabilities arising from contracts with customers The following table provides a breakdown of contract balances and capitalized customer acquisition costs. December 31, 2021 December 31, 2020 Contract balances Receivables (billed) 789 728 Receivables (unbilled) 49 41 Contract liabilities (232) (233) Capitalized costs Customer acquisition costs 149 128 ACCOUNTING POLICIES Revenue from contracts with customers Service revenue Service revenue includes revenue from airtime charges from contract and prepaid customers, monthly contract fees, interconnect revenue, roaming charges and charges for value added services ( “VAS” ). VAS includes short messages, multimedia messages, caller number identification, call waiting, data transmission, mobile internet, downloadable content, mobile finance services, machine-to-machine and other services. The content revenue relating to VAS is presented net of related costs when VEON’s performance obligation is to arrange the provision of the services by another party (VEON acts as an agent), and gross when VEON is primarily responsible for fulfilling the obligation to provide such services to the customer. Revenue for services with a fixed term, including fixed-term tariff plans and monthly subscriptions, is recognized on a straight-line basis over time. For pay-as-you-use plans, in which the customer is charged based on actual usage, revenue is recognized on a usage basis. Some tariff plans allow customers to rollover unused services to the following period. For such tariff plans, revenue is generally recognized on a usage basis. For contracts which include multiple service components (such as voice, text, data), revenue is allocated based on stand-alone selling price of each performance obligation. The stand-alone selling price for these services is usually determined with reference to the price charged per service under a pay-as-you-use plan to similar customers. Upfront fees, including activation or connection fees, are recognized on a straight-line basis over the contract term. For contracts with an indefinite term (for example, prepaid contracts), revenue from upfront fees is recognized over the average customer life. Revenue from other operators, including interconnect and roaming charges, is recognized based on the price specified in the contract, net of any estimated retrospective volume discounts. Accumulated experience is used to estimate and provide for the discounts. All service revenue is recognized over time as services are rendered. Sale of equipment and accessories Equipment and accessories are usually sold to customers on a stand-alone basis, or together with service bundles. Where sold together with service bundles, revenue is allocated pro-rata, based on the stand-alone selling price of the equipment and the service bundle. The vast majority of equipment and accessories sales pertain to mobile handsets and accessories. Revenue for mobile handsets and accessories is recognized when the equipment is sold to a customer, or, if sold via an intermediary, when the intermediary has taken control of the device and the intermediary has no remaining right of return. Revenue for fixed-line equipment is not recognized until installation and testing of such equipment are completed and the equipment is accepted by the customer. All revenue from sale of equipment and accessories is recognized at a point in time. Contract balances Receivables and contract assets mostly relate to amounts due from other operators and postpaid customers. Contract assets, often referred to as ‘Unbilled receivables,’ are transferred to Receivables when the rights become unconditional, which usually occurs when the Group issues an invoice to the customer. Contract liabilities, often referred to as ‘Deferred revenue’, relate primarily to non-refundable cash received from prepaid customers for fixed-term tariff plans or pay-as-you-use tariff plans. Contract liabilities are presented as ‘Long-term deferred revenue’, ‘Short-term deferred revenue’ and ‘Customer advances’ in Note 6 . All current contract liabilities outstanding at the beginning of the year have been recognized as revenue during the year. Customer acquisition costs Certain incremental costs incurred in acquiring a contract with a customer ( “customer acquisition costs” ) are deferred in the consolidated statement of financial position, within 'Other assets' (see Note 6 ). Such costs generally relate to commissions paid to third-party dealers and are amortized on a straight-line basis over the average customer life within ‘Selling, general and administrative expenses’. The Group applies the practical expedient available for customer acquisition costs for which the amortization would have been shorter than 12 months. Such costs relate primarily to commissions paid to third parties upon top-up of prepaid credit by customers and sale of top-up cards. SOURCE OF ESTIMATION UNCERTAINTY Average customer life

SELLING, GENERAL AND ADMINISTRA

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	12 Months Ended
	Dec. 31, 2021
Selling, general and administrative expense [abstract]
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	SELLING, GENERAL AND ADMINISTRATIVE EXPENSES Selling, general and administrative expenses consisted of the following items for the years ended December 31: 2021 2020 2019 Network and IT costs 764 727 723 Personnel costs 792 750 808 Customer associated costs 654 602 658 Losses on receivables 28 56 54 Taxes, other than income taxes 81 55 153 Other 260 242 340 Total selling, general and administrative expenses 2,579 2,432 2,736 In 2020, our subsidiary in Pakistan recorded a gain of PKR8.6 billion (US$52) in ‘Taxes, other than income taxes’, relating to the reversal of a non-income tax provision. Refer to Note 7 for further details. LEASES On January 1, 2019, the Company adopted IFRS 16 Leases . The Company applied a modified retrospective approach, which means that prior period comparatives were not restated. Short-term leases and leases for low value items are immediately expensed as incurred and are immaterial in the aggregate. ACCOUNTING POLICIES Customer associated costs Customer associated costs relate primarily to commissions paid to third-party dealers and marketing expenses. Certain dealer commissions are initially capitalized in the consolidated statement of financial position and subsequently amortized within "Customer associated costs", see Note 3

TRADE AND OTHER RECEIVABLES

TRADE AND OTHER RECEIVABLES	12 Months Ended
	Dec. 31, 2021
Trade and other current receivables [abstract]
TRADE AND OTHER RECEIVABLES	TRADE AND OTHER RECEIVABLES Trade and other receivables consisted of the following items as of December 31 : 2021 2020 Trade receivables (gross)* 838 769 Expected credit losses** (159) (225) Trade receivables (net) 679 544 Other receivable, net of expected credit losses allowance 11 28 Total trade and other receivables 690 572 * Includes contract assets (unbilled receivables), see Note 3 for further details ** Certain comparative amounts have been reclassified, refer to Note 24 for further details. The following table summarizes the movement in the allowance for expected credit losses for the years ended December 31: 2021 2020 Balance as of January 1 225 198 Accruals for expected credit losses 35 76 Recoveries (9) (13) Accounts receivable written off (28) (17) Reclassification as held for sale (56) — Foreign currency translation adjustment (4) (19) Other movements (4) — Balance as of December 31 159 225 Set out below is the information about the Group’s trade receivables (including contract assets) using a provision matrix: Days past due Contract assets Current < 30 days Between 31 and 120 days > 120 days Total December 31, 2021 Expected loss rate, % 0.0 % 1.8 % 3.6 % 33.3 % 95.7 % Trade receivables 49 550 56 45 138 838 Expected credit losses — (10) (2) (15) (132) (159) Trade receivables, net 49 540 54 30 6 679 December 31, 2020 Expected loss rate, % 1.0 % 1.3 % 13.6 % 88.9 % 100.0 % Trade receivables 41 468 44 27 189 769 Expected credit losses — (6) (6) (24) (189) (225) Trade receivables, net 41 462 38 3 — 544 ACCOUNTING POLICIES Trade and other receivables Trade and other receivables are measured at amortized cost and include invoiced amounts less expected credit losses. Expected credit losses The expected credit loss allowance ( “ECL” ) is recognized for all receivables measured at amortized cost at each reporting date. This means that an ECL is recognized for all receivables even though there may not be objective evidence that the trade receivable has been impaired.

OTHER ASSETS AND LIABILITIES

OTHER ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2021
Other Assets And Liabilities
OTHER ASSETS AND LIABILITIES	OTHER ASSETS AND LIABILITIES Other assets consisted of the following items as of December 31: 2021 2020 Other non-current assets Customer acquisition costs (see Note 3) 149 128 Tax advances (non-income tax) 33 33 Other non-financial assets 34 18 Total other non-current assets 216 179 Other current assets Advances to suppliers 102 91 Input value added tax 160 159 Prepaid taxes 24 43 Other assets 58 42 Total other current assets 344 335 Other liabilities consisted of the following items as of December 31: 2021 2020 Other non-current liabilities Long-term deferred revenue (see Note 3) 20 17 Other liabilities 16 11 Total other non-current liabilities 36 28 Other current liabilities Taxes payable (non-income tax) 318 372 Short-term deferred revenue (see Note 3) 154 158 Customer advances (see Note 3) 58 58 Other payments to authorities 52 95 Due to employees 153 168 Other liabilities 38 32 Total other current liabilities 773 883

PROVISIONS AND CONTINGENT LIABI

PROVISIONS AND CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 2021
Disclosure of other provisions [abstract]
PROVISIONS AND CONTINGENT LIABILITIES	PROVISIONS AND CONTINGENT LIABILITIES PROVISIONS The following table summarizes the movement in provisions for the years ended December 31: Non-income tax provisions Decommi-ssioning provision Legal provision Other provisions Total As of January 1, 2020 126 138 26 70 360 Arising during the year 24 10 — 1 35 Utilized (48) (1) — (22) (71) Unused amounts reversed (10) — (3) (6) (19) Transfer and reclassification — — — — — Discount rate adjustment and imputed interest (change in estimate) — 9 — — 9 Translation adjustments and other (6) (15) (1) — (22) As of December 31, 2020 86 141 22 43 292 Non-current — 141 — — 141 Current 86 — 22 43 151 As of January 1, 2021 86 141 22 43 292 Arising during the year 19 31 4 13 67 Utilized (12) (1) — — (13) Unused amounts reversed 1 (19) (1) (58) (77) Reclassification as held for sale — (69) (12) — (81) Transfer and reclassification — — — — — Discount rate adjustment and imputed interest (change in estimate) — 7 — — 7 Translation adjustments and other (6) (3) 1 9 1 As of December 31, 2021 88 87 14 7 196 Non-current — 87 — — 87 Current 88 — 14 7 109 The timing of payments in respect of provisions is, with some exceptions, not contractually fixed and cannot be estimated with certainty. In addition, with respect to legal proceedings, given inherent uncertainties, the ultimate outcome may differ from VEON’s current expectations. See ‘Source of estimation uncertainty’ below in this Note 7 for further details regarding assumptions and sources of uncertainty. For further details regarding risks associated with income tax and non-income tax positions, please refer to ‘Source of estimation uncertainty’ in Note 8 . In 2020, as a result of a change in estimate, Pakistan Mobile Communications Limited ( "PMCL" ) reversed a non-income tax provision of PKR11.2 billion (US$68), of which PKR8.6 billion (US$52) was recorded as a gain in Selling, general and administration expenses. The Group has recognized a provision for decommissioning obligations associated with future dismantling of its towers in various jurisdictions. CONTINGENT LIABILITIES The Group had contingent liabilities as of December 31, 2021 as set out below. VEON - Securities Class Action On November 4, 2015, a class action lawsuit was filed in the United States against VEON and certain of its then current and former officers by Charles Kux-Kardos, on behalf of himself and other investors in the Company alleging certain violations of the U.S. federal securities laws in connection with the Company’s public disclosures relating to its operations in Uzbekistan. On December 4, 2015, a second complaint was filed by Westway Alliance Corp. that asserts essentially the same claims in connection with essentially the same disclosures. On April 27, 2016, the court consolidated the two actions and appointed Westway as lead plaintiff. On May 6, 2016, a motion for reconsideration was filed on the appointment of Westway as lead plaintiff and on September 26, 2016, the court affirmed the selection of Westway as the lead plaintiff. An amended complaint was filed on December 9, 2016. On September 19, 2017, the Court in the Southern District of New York rendered a decision granting in part VEON’s motion to dismiss the Amended Complaint. On February 9, 2018, VEON filed its Answer and Affirmative Defenses to the allegations that remain in the Amended Complaint after the Court’s September 19, 2017 Order. Motions to dismiss were filed by all the individual defendants on February 9, 2018. On April 13, 2018, plaintiff dismissed its claims voluntarily against one of the individual defendants. On August 30, 2018, the Court granted the motions to dismiss by all of the individual defendants remaining in the action, and the time for appeal has now expired. On May 17, 2019, VEON filed a motion for judgment on the pleadings, arguing that Westway lacked standing as a result of the September 19, 2017 order because it had not purchased any securities on or after the date of the earliest alleged misstatement. On May 21, 2019, the Rosen Law Firm submitted a letter to the Court on behalf of Boris Lvov seeking a pre-motion conference for leave to file a motion to intervene and substitute Lvov as lead plaintiff. On May 24, 2019, Westway filed a letter opposing Mr. Lvov’s request, and VEON filed a letter taking no position. Westway filed its opposition to VEON’s motion on June 17, 2019, and VEON filed its reply papers on June 28, 2019. On April 17, 2020, the Court denied Westway's motion and ordered VEON's motion to proceed. On March 31, 2020, VEON’s motion for judgment on the pleadings was denied without prejudice. Westway filed its Second Amended Complaint on April 14, 2020, adding three additional named plaintiffs and allegations that VEON lacked adequate internal controls as of the start date of the Alleged Class Period and had a duty to disclose that fact to investors no later than December 4, 2010. On May 15, 2020, VEON filed a motion to dismiss the Second Amended Complaint. On March 11, 2021, the Court granted VEON’s motion to dismiss the Second Amended Complaint, holding that VEON had no duty to disclose information concerning its internal controls as of the start date of the Alleged Class Period, and that Westway therefore lacked standing to bring any claims against VEON as Lead Plaintiff or otherwise. The Court ordered that the Lead Plaintiff selection process be reopened, and that any motions for appointment as Lead Plaintiff be filed by April 8, 2021. On April 8, 2021, two parties filed motions for appointment as Lead Plaintiff. At this stage of the suit, the claim remains unquantified. The Company intends to vigorously defend the action at all phases of the proceedings. VAT on Replacement SIMs SIM Cards Issued June 2009 to December 2011 On April 1, 2012, the National Board of Revenue ( “NBR” ) issued a demand to Banglalink Digital Communications Limited ( “Banglalink” ) for BDT 7.74 billion (US$90) for unpaid SIM tax (VAT and supplementary duty). The NBR alleged that Banglalink evaded SIM tax on new SIM cards by issuing them as replacements. On the basis of 5 random SIM card purchases made by the NBR, the NBR concluded that all SIM card replacements issued by Banglalink between June 2009 and December 2011 (7,021,834 in total) were new SIM connections and subject to tax. Similar notices were sent to three other operators in Bangladesh. Banglalink and the other operators filed separate petitions in the High Court, which stayed enforcement of the demands. In an attempt to assist the NBR in resolving the dispute, the Government ordered the NBR to form a Review Committee comprised of the NBR, the Commissioner of Taxes ( “LTU” ), Bangladesh Telecommunication Regulatory Commission ( “BTRC” ), Association of Mobile Telecom Operators of Bangladesh ( “AMTOB” ) and the operators (including Banglalink). The Review Committee identified a methodology to determine the amount of unpaid SIM tax and, after analyzing 1,200 randomly selected SIM cards issued by Banglalink, determined that only 4.83% were incorrectly registered as replacements. The Review Committee’s interim report was signed off by all the parties, however, the Convenor of the Review Committee reneged on the interim report and unilaterally published a final report that was not based on the interim report or the findings of the Review Committee. The operators objected to the final report. The NBR Chairman and operators’ representative agreed that the BTRC would prepare further guidelines for verification of SIM users. Although the BTRC submitted its guidelines (under which Banglalink’s exposure was determined to be 8.5% of the original demand), the Convenor of the Review Committee submitted a supplementary report which disregarded the BTRC’s guidelines and assessed Banglalink’s liability for SIM tax to be BDT 7.62 billion (US$89). The operators refused to sign the supplementary report. On May 18, 2015, Banglalink received an updated demand from the LTU claiming Banglalink had incorrectly issued 6,887,633 SIM cards as replacement SIM cards between June 2009 and December 2011 and required Banglalink to pay BDT 5.32 billion (US$62) in SIM tax. The demand also stated that interest may be payable. Similar demands were sent to the other operators. On June 25, 2015, Banglalink filed an application to the High Court to stay the updated demand, and a stay was granted. On August 13, 2015, Banglalink filed its appeal against the demand before the Appellate Tribunal and deposited 10% of the amount demanded in order to proceed. The other operators also appealed their demands. On May 26, 2016, Banglalink presented its legal arguments and on September 28, 2016, the appeals of all the operators were heard together. The Bangladesh Appellate Tribunal rejected the appeal of Banglalink and all other operators on June 22, 2017. On July 11, 2017, Banglalink filed an appeal of the Appellate Tribunal’s judgment with the High Court Division of the Supreme Court of Bangladesh. The appeal is pending. SIM Cards Issued July 2012 to June 2015 On November 20, 2017, the LTU issued a final demand to Banglalink for BDT 1.69 billion (US$20) for unpaid tax on SIM card replacements issued by Banglalink between July 2012 and June 2015. On February 20, 2018, Banglalink filed its appeal against this demand before the Appellate Tribunal and deposited 10% of the amount demanded in order to proceed. By its judgment dated February 10, 2020, the Appellate Tribunal rejected Banglalink’s appeal. Banglalink appealed to the High Court Division. Before hearing the appeal, the Court suo moto took up as a preliminary question whether, based on new law, the matter is subject to an appeal or an application for revision. On March 2, 2021, the Court determined that an application for revision is the correct procedure and dismissed the appeal. Banglalink filed an appeal before the Appellate Division and the appeal is pending for hearing. If the Appellate Division rejects the appeal, then Banglalink will be obligated to deposit 10% of the disputed amount in order to continue its challenge. As of December 31, 2021, the Company has recorded a provision, for the cases discussed above of, US$11 (2020: US$11). Other contingencies and uncertainties In addition to the individual matters mentioned above, the Company is involved in other disputes, litigation and regulatory inquiries and investigations, both pending and threatened, in the ordinary course of its business. The Company’s dispute with the Pakistan Telecommunication Authority over its license renewal in Pakistan, explained in Note 16 below, is an example of such a matter. The total value of all other individual contingencies that are able to be quantified and are above US$5, other than disclosed above and in Note 8 , amounts to US$442 (2020: US$484). Due to the high level of estimation uncertainty, as described in ‘Source of estimation uncertainty’ in this Note 7 and in Note 8 , the Company is unable to make a reliable estimate of the financial effect for certain contingencies and therefore no financial effect has been included within the preceding disclosure. The Company does not expect any liability arising from these contingencies to have a material effect on the results of operations, liquidity, capital resources or financial position of the Company. Furthermore, the Company believes it has provided for all probable liabilities. For the ongoing matters described above, where the Company has concluded that the potential loss arising from a negative outcome in the matter cannot be reliably estimated, the Company has not recorded an accrual for the potential loss. However, in the event a loss is incurred, it may have an adverse effect on the results of operations, liquidity, capital resources, or financial position of the Company. ACCOUNTING POLICIES Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are discounted using a current pre-tax rate if the time value of money is significant. Contingent liabilities are possible obligations arising from past events, whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. SOURCE OF ESTIMATION UNCERTAINTY The Group is involved in various legal proceedings, disputes and claims, including regulatory discussions related to the Group’s business, licenses, tax positions and investments, and the outcomes of these are subject to significant uncertainty. Management evaluates, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. Unanticipated events or changes in these factors may require the Group to increase or decrease the amount recorded for a matter that has not been previously recorded because it was not considered probable. In the ordinary course of business, VEON may be party to various legal and tax proceedings, including as it relates to compliance with the rules of the telecom regulators in the countries in which VEON operates, competition law and anti-bribery and corruption laws, including the U.S. Foreign Corrupt Practices Act ( “FCPA”

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
Major components of tax expense (income) [abstract]
INCOME TAXES	INCOME TAXES Current income tax is the expected tax expense, payable or receivable on taxable income or loss for the period, using tax rates enacted or substantively enacted at reporting date, and any adjustment to tax payable in respect of previous years. Income tax payable Current income tax payable consisted of the following items as of December 31: 2021 2020 Current tax payable 70 30 Uncertain tax provisions 158 145 Total income tax payable 228 175 The 2020 balance of uncertain tax provisions is shown net of income tax assets which can be utilized to offset future tax charges should they arise, resulting in an increase of the prior period provision by US$10, with the gross amount being US$155. No such adjustment is required in 2021. VEON is involved in a number of disputes, litigation and regulatory proceedings in the ordinary course of its business, pertaining to income tax claims. The total value of these individual contingencies that are able to be quantified amounts to US$158 (2020: US$175). Due to the high level of estimation uncertainty, as described in ‘Source of estimation uncertainty’ disclosed below in this Note 8, it is not practicable for the Company to reliably estimate the financial effect for certain contingencies and therefore no financial effect has been included within the preceding disclosure. The Company does not expect any liability arising from these contingencies to have a material effect on the results of operations, liquidity, capital resources or financial position of the Company, however we note that an unfavorable outcome of some or all of the specific matters could have a material adverse impact on results of operations or cash flows for a particular period. This assessment is based on our current understanding of relevant facts and circumstances. As such, our view of these matters is subject to inherent uncertainties and may change in the future. For further details with respect to VEON’s uncertain tax provisions and tax risks, please refer to the ‘Accounting policies’ and ‘Source of estimation uncertainty’ disclosed below. Income tax assets The Company reported current income tax assets of US$70 (2020: US$73). These tax assets mainly relate to advance tax payments in our operating companies which can only be offset against income tax liabilities in that relevant jurisdiction, in fiscal periods subsequent to the balance sheet date. Income tax expense Income tax expense consisted of the following for the years ended December 31: 2021 2020 2019 Current income taxes Current year 300 374 439 Adjustments in respect of previous years 43 (1) 5 Total current income taxes 343 373 444 Deferred income taxes Movement of temporary differences and losses* (65) (71) (16) Changes in tax rates — — (1) Changes in recognized deferred tax assets — 2 39 Adjustments in respect of previous years (22) 9 3 Other 2 — (7) Total deferred tax expense / (benefit) (85) (60) 18 Income tax expense 258 313 462 * In 2021, a tower sale and subsequent lease transaction took place for which a deferred tax asset of US$146 was recorded in relation to the lease liability and a deferred tax liability of US$23 was recorded in relation to the Right of Use asset. Effective tax rate The table below outlines the reconciliation between the statutory tax rate in the Netherlands (25%) and the effective income tax rates for the Group, together with the corresponding amounts, for the years ended December 31: 2021 2020 2019 Explanatory notes Profit / (loss) before tax from continuing operations 908 (82) 1,044 Income tax benefit / (expense) at statutory tax rate (25%) (227) 21 (261) Difference due to the effects of: Different tax rates in different jurisdictions 7 (28) 21 Certain jurisdictions in which VEON operates have income tax rates which are Non-deductible expenses (44) (209) (90) The Group incurs certain expenses which are non-deductible in the relevant jurisdictions. In 2021, such expenses mainly include intra-group expenses (i.e. interest on internal loans), certain non-income tax charges (i.e. minimum tax regimes) and other. In 2020, as in previous years, such expenses include impairment losses (unless resulting in a change in temporary differences), certain non-income tax charges (i.e. minimum tax regimes) and intra-group expenses (i.e. interest on internal loans). Non-taxable income 198 37 5 The Group earns certain income which is non-taxable in the relevant jurisdiction. In 2021, non-taxable income included gain from sale of NTC Tower company. In 2020, non-taxable income included the revaluation of contingent consideration liability, as well as a gain relating to the settlement in connection with the dispute concerning the sale of Telecel Globe Limited. For further details, refer to Note 16 and Note 7 , respectively. Adjustments in respect of previous years (21) (3) (49) In 2021, adjustments mainly relates to corrections in prior year filings in Pakistan, as part of the Alternative Dispute Resolution Committee (“ADRC”) process. The effect of prior years’ adjustments relates to various updated tax positions. Movements in (un)recognized deferred tax assets (76) (89) (13) Movements in (un)recognized deferred tax assets are primarily caused by tax losses and other credits for which no deferred tax asset has been recognized. This primarily occurs in holding entities in the Netherlands (2021: US$73, 2020: US$101, 2019: US$42) and in GTH (2021: US$(5)), 2020: US$—, 2019: US$43. Withholding taxes (73) (56) (50) Withholding taxes are recognized to the extent that dividends from foreign operations Uncertain tax positions (21) (1) 6 The tax legislation in the markets in which VEON operates is unpredictable and gives Change in income tax rate — — 1 Changes in tax rates impact the valuation of existing temporary differences. The Other (1) 15 (32) In 2019, the Group recorded an increase in income tax liabilities of as a result of the settlement with the Egyptian Tax Authority for outstanding tax liabilities for GTH. Refer to Note 7 for further details. Income tax benefit / (expense) (258) (313) (462) Effective tax rate 28.4 % -381.7 % 44.3 % Deferred taxes The Group reported the following deferred tax assets and liabilities in the statement of financial position as of December 31: 2021 2020 Deferred tax assets 228 186 Deferred tax liabilities (115) (127) Net deferred tax position 113 59 The following table shows the movements of net deferred tax positions in 2021: Movement in deferred taxes Opening balance Net income statement movement Held for sale Other movements Closing balance Property and equipment (274) 125 7 42 (100) Intangible assets (14) 33 19 (2) 36 Trade receivables 43 7 (15) (3) 32 Provisions 28 2 (6) (7) 17 Accounts payable 140 7 (23) (34) 90 Withholding tax on undistributed earnings (60) (39) — 1 (98) Tax losses and other balances carried forwards 2,221 35 — (64) 2,192 Non-recognized deferred tax assets (2,025) (88) — 49 (2,064) Other — 3 — 5 8 Net deferred tax positions 59 85 (18) (13) 113 In 2021, a tower sale and subsequent lease transaction took place for which a deferred tax asset of US$146 was recorded in relation to the lease liability and a deferred tax liability of US$23 was recorded in relation to the Right of Use asset. The following table shows the movements of net deferred tax positions in 2020: Movement in deferred taxes Opening balance Net income statement movement Other movements Closing balance Property and equipment (288) (23) 37 (274) Intangible assets (38) 19 5 (14) Trade receivables 47 1 (5) 43 Provisions 31 1 (4) 28 Accounts payable 156 7 (23) 140 Withholding tax on undistributed earnings (52) (8) — (60) Tax losses and other balances carried forwards 2,026 113 82 2,221 Non-recognized deferred tax assets (1,894) (46) (85) (2,025) Other 5 (4) (1) — Net deferred tax positions (7) 60 6 59 Unused tax losses and other credits carried forwards VEON recognizes a deferred tax asset for unused tax losses and other credits carried forwards, to the extent that it is probable that the deferred tax asset will be utilized. The amount and expiry date of unused tax losses and other carry forwards for which no deferred tax asset is recognized are as follows: As of December 31, 2021 0-5 years 6-10 years More than 10 years Indefinite Total Tax losses expiry Recognized losses (15) — — (174) (189) Recognized DTA 3 — — 50 53 Non-recognized losses — — (707) (8,553) (9,260) Non-recognized DTA — — 131 1,796 1,927 Other credits carried forwards expiry Recognized credits (2) (73) — — (75) Recognized DTA 2 73 — — 75 Non-recognized credits — — — (567) (567) Non-recognized DTA — — — 137 137 As of December 31, 2020 0-5 years 6-10 years More than 10 years Indefinite Total Tax losses expiry Recognized losses — (107) — (172) (279) Recognized DTA — 27 — 49 76 Non-recognized losses (1,546) (1,006) — (6,660) (9,212) Non-recognized DTA 387 252 — 1,272 1,911 Other credits carried forwards expiry Recognized credits (19) (102) — — (121) Recognized DTA 19 102 — — 121 Non-recognized credits — — — (492) (492) Non-recognized DTA — — — 115 115 Losses mainly relate to our holding entities in Luxembourg (2021: US$6,431; 2020: US$6,285) and the Netherlands (2021: US$2,360; 2020: US$2,659). VEON reports the tax effect of the existence of undistributed profits that will be distributed in the foreseeable future. The Company has a deferred tax liability of US$98 (2020: US$60), relating to the tax effect of the undistributed profits that will be distributed in the foreseeable future, primarily in its Russian, Ukrainian and Pakistan operations. As of December 31, 2021, undistributed earnings of VEON’s foreign subsidiaries (outside the Netherlands) which are indefinitely invested and will not be distributed in the foreseeable future, amounted to US$7,404 (2020: US$5,241). Accordingly, no deferred tax liability is recognized for this amount of undistributed profits. ACCOUNTING POLICIES Income taxes Income tax expense represents the aggregate amount determined on the profit for the period based on current tax and deferred tax. In cases where the tax relates to items that are charged to other comprehensive income or directly to equity, the tax is also charged respectively to other comprehensive income or directly to equity. Uncertain tax positions The Group’s policy is to comply with the applicable tax regulations in the jurisdictions in which its operations are subject to income taxes. The Group’s estimates of current income tax expense and liabilities are calculated assuming that all tax computations filed by the Company’s subsidiaries will be subject to a review or audit by the relevant tax authorities. Uncertain tax positions are generally assessed individually, using the most likely outcome method. The Company and the relevant tax authorities may have different interpretations of how regulations should be applied to actual transactions (refer below for details regarding risks and uncertainties). Deferred taxation Deferred taxes are recognized using the liability method and thus are computed as the taxes recoverable or payable in future periods in respect of deductible or taxable temporary differences between the tax bases of assets and liabilities and their carrying amounts in the Company’s financial statements. SOURCE OF ESTIMATION UNCERTAINTY Tax risks The tax legislation in the markets in which VEON operates is unpredictable and gives rise to significant uncertainties, which could complicate our tax planning and business decisions. Tax laws in many of the emerging markets in which we operate have been in force for a relatively short period of time as compared to tax laws in more developed market economies. Tax authorities in our markets are often less advanced in their interpretation of tax laws, as well as in their enforcement and tax collection methods. Any sudden and unforeseen amendments of tax laws or changes in the tax authorities’ interpretations of the respective tax laws and/or double tax treaties, could have a material adverse effect on our future results of operations, cash flows or the amounts of dividends available for distribution to shareholders in a particular period (e.g. introduction of transfer pricing rules, Controlled Foreign Operation (“CFC”) legislation and more strict tax residency rules). Management believes that VEON has paid or accrued all taxes that are applicable. Where uncertainty exists, VEON has accrued tax liabilities based on management’s best estimate. From time to time, we may also identify tax contingencies for which we have not recorded an accrual. Such unaccrued tax contingencies could materialize and require us to pay additional amounts of tax. The potential financial effect of such tax contingencies are disclosed in Note 7 and above in this Note 8 , unless not practicable to do so. Uncertain tax positions Uncertain tax positions are recognized when it is probable that a tax position will not be sustained. The expected resolution of uncertain tax positions is based upon management’s judgment of the likelihood of sustaining a position taken through tax audits, tax courts and/or arbitration, if necessary. Circumstances and interpretations of the amount or likelihood of sustaining a position may change through the settlement process. Furthermore, the resolution of uncertain tax positions is not always within the control of the Group and it is often dependent on the efficiency of the legal processes in the relevant taxing jurisdictions in which the Group operates. Issues can, and often do, take many years to resolve. Recoverability of deferred tax assets Deferred tax assets are recognized to the extent that it is probable that the assets will be realized. Significant judgment is required to determine the amount that can be recognized and depends foremost on the expected timing, level of taxable profits, tax planning strategies and the existence of taxable temporary differences. Estimates made relate primarily to losses carried forward in some of the Group’s foreign operations. When an entity has a history of recent losses, the deferred tax asset arising from unused tax losses is recognized only to the extent that there is convincing evidence that sufficient future taxable profit will be generated. Estimated future taxable profit is not considered such evidence unless that entity has demonstrated the ability by generating significant taxable profit for the current year or there are certain other events providing sufficient evidence of future taxable profit. New transactions and the introduction of new tax rules may also affect judgments

SIGNIFICANT TRANSACTIONS

SIGNIFICANT TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
Significant Transactions
SIGNIFICANT TRANSACTIONS	SIGNIFICANT TRANSACTIONS SIGNIFICANT TRANSACTIONS IN 2021 Agreement between VEON and Service Telecom regarding the Sale of its Russian tower assets On September 5, 2021, the Company and VEON Holdings B.V., a subsidiary of the Company, signed an agreement for the sale of its direct subsidiary, NTC, with Service Telecom Group of Companies LLC, ST, for RUB 70,650 (US$945). The transaction was subject to regulatory approvals which was obtained on November 12, 2021, and consummation of other customary closing conditions which were completed on December 1, 2021. Under the terms of the deal, Russia, an operating segment of the Company, entered into a long-term lease agreement with NTC under which Russia will lease space upon NTC's portfolio of 15,400 towers for a period of 8 years, with up to ten optional renewal periods of 8 years each. Under the same agreement, an additional 5,000 towers are committed to be leased. The lease agreement was signed on October 15, 2021. On September 5, 2021, the Company classified NTC as a disposal group held-for-sale, including goodwill allocated of US$215 to NTC from Russia based on its relative fair values as NTC is a subset of the Russia CGU. Following the classification as disposal group held-for-sale, the Company did not account for depreciation and amortization expenses of NTC assets. On December 1, 2021, upon completion of the sale agreement with ST, control of NTC was transferred to ST. As a result of applying sale and leaseback accounting principles to the lease agreement under the terms of the deal, the Company recognized a gain on sale of subsidiary of US$101 and Russia recognized right-of-use assets of US$101 representing the proportional fair value of assets retained with respect to book value of assets sold and lease liabilities of US$718 based on an 8 year lease term, which are at market rate s, as well as a proportionate amount of goodwill, with respect to the portion of cash generating assets retained through the lease, of US$168. A portion of goodwill was also retained within Russia as assets held-for-sale for future sites to be sold under the agreement, refer to Note 10. The following table shows the assets and liabilities disposed of relating to NTC on December 1, 2021: 2021 Property and equipment 264 Goodwill 222 Other current assets 24 Total assets disposed 510 Non-current liabilities 127 Current liabilities 23 Total liabilities disposed 150 Lease commitments for the additional 5,000 towers to be leased in the duration of the lease term at December 31, 2021 are US$263. For further details on the total commitments at December 31, 2021, refer to N ote 12 . VEON subsidiary Banglalink successfully acquires 9.4MHz in spectrum auction In March 2021, Banglalink, the Company's wholly-owned subsidiary in Bangladesh, acquired 4.4MHz spectrum in the 1800MHz band and 5MHz spectrum in 2100MHz band following successful bids at an auction held by the Bangladesh Telecommunication Regulatory Commission (BTRC). The newly acquired spectrum will see Banglalink increase its total spectrum holding from 30.6MHz to 40MHz. Banglalink total investment will amount to BDT 10 billion (US$115) to purchase the spectrum. VEON completes the acquisition of majority shareholding in OTM In June 2021, VEON successfully acquired a majority stake of 67% in OTM (a technology platform for the automation and planning of online advertising purchases in Russia) for US$16. PMCL Warid License Capitalization The ex-Warid license renewal was due in May 2019. Pursuant to directions from the Islamabad High Court, the Pakistan Telecommunication Authority ( “PTA” ) issued a license renewal decision on July 22, 2019 requiring payment of US$40 per MHz for 900 MHz spectrum and US$30 per MHz for 1800 MHz spectrum, equating to an aggregate price of approximately US$450 (excluding applicable taxes of approximately 13%). On August 17, 2019, Jazz appealed the PTA’s order to the Islamabad High Court. On August 21, 2019, the Islamabad High Court suspended the PTA’s order pending the outcome of the appeal and subject to Jazz making payment in the form of security (under protest) as per the options given in the PTA’s order. As a result, PMCL deposited US$326 including the initial 50% payment of license as well as subsequent installments in order to maintain its appeal in the Islamabad High Court regarding the PTA's underlying decision on the license renewal. On July 19, 2021, Islamabad High Court dismissed Jazz's appeal. Based on the dismissal of appeal by the court, subsequent legal opinion obtained and acceptance of the total license price, the license was recognized amounting US$384, net of service cost liability of US$65. Consequently, the security deposit balance of US$326 was also adjusted. Subsequently, on October 18, 2021 PMCL and PTA signed the license document. SIGNIFICANT TRANSACTIONS IN 2020 AND 2019 Sale of Armenian operations In October 2020, VEON concluded an agreement for the sale of its operating subsidiary in Armenia, to Team LLC for a consideration of US$51. Accordingly the net carrying value of assets amounting US$33 was derecognized along with reclassification of cumulative foreign currency translation reserve of US$96 to profit and loss, resulting in the net loss of US$78. GTH restructuring In 2020, VEON continued the restructuring of Global Telecom Holding S.A.E. ( “GTH” ) which commenced in 2019 (see further details below), with the intragroup transfer of Mobilink Bank and GTH Finance B.V. completed in March and April 2020, respectively. As the operating assets of GTH had previously been, and will continue to be, fully consolidated within the balance sheet of the VEON Group, there was no material impact on these consolidated financial statements stemming from these intragroup transfers. The intragroup transfer for Djezzy is continuing. Significant movements in exchange rates An increase in demand for hard currencies, in part due to the coronavirus outbreak, resulted in the devaluation of exchange rates in the countries in which VEON operates. As such, in 2020, the book value of assets and liabilities of our foreign operations, in U.S. dollar terms, decreased significantly, with a corresponding loss of US$623 recorded against the foreign currency translation reserve in the Statement of Comprehensive Income. Mandatory tender offer for shares of GTH In August 2019, VEON completed the purchase of 1,914,322,110 shares, representing approximately 40.55% of GTH’s issued shares, in connection with its Mandatory Tender Offer (“MTO”) which had commenced in July 2019. The total price for the purchase of such shares was EGP 9,725 million (approximately US$587), reflecting the offer price per share of EGP 5.08. Following the completion of the MTO and as a result of further purchases by GTH, as of December 31, 2019, VEON and GTH hold approximately 99.54% of GTH's total outstanding equity. The MTO was funded by a combination of cash on hand and utilization of undrawn credit facilities (refer to Note 16 for further details). These transactions represent a purchase of non-controlling interests ("NCI") without a change of control. Consequently, the difference between the book value of NCI (negative value of US$1,986) and the cost of acquisition (US$608) was recorded directly within ‘Other capital reserves’ in the statement of changes in equity (loss of US$2,594). Following the successful completion of the MTO, VEON continued with the restructuring of GTH, which included successful delisting of GTH’s shares from the Egyptian Exchange and the approval by GTH shareholders of VEON’s offer to acquire substantially all of the operating assets of GTH, both of which occurred on September 9, 2019. Following that approval, VEON completed the intragroup transfers of Jazz, Banglalink and Med Cable. The operating assets of GTH had previously been, and will continue to be, fully consolidated within the balance sheet of the VEON Group, and as such, there is no material impact on these consolidated financial statements stemming from these asset transfers. Revised technology infrastructure partnership with Ericsson In February 2019, the Company announced a revised arrangement with Ericsson to upgrade its core IT systems in several countries in the coming years and to release Ericsson from the development and delivery of the Full Stack Revenue Manager Solution. This revised arrangement enables VEON to continue upgrading IT infrastructure with new digital business support systems (DBSS) using existing software from Ericsson which is already deployed in certain operating companies within VEON. The parties signed binding terms to vary the existing agreements and as a result VEON received US$350 during the first half of 2019. The settlement amount was recorded in the income statement within ‘Other operating income’. Termination of network sharing in Kazakhstan In April 2019, the Group received a settlement amount of US$38 from Kcell Joint Stock Company (“Kcell”), related to the termination of the network sharing agreement between Kcell and our subsidiary in Kazakhstan. This amount has been recorded in "Other revenue/other income" within the consolidated income statement.

HELD FOR SALE AND DISCONTINUED

HELD FOR SALE AND DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2021
Held For Sale and Discontinued Operations [Abstract]
HELD FOR SALE AND DISCONTINUED OPERATIONS	HELD FOR SALE AND DISCONTINUED OPERATIONS The following table provides the details over assets and liabilities classified as held-for-sale as of December 31, 2021: Assets held-for-sale Liabilities held-for-sale Algeria 1,846 391 Other individual assets 18 — Total assets and liabilities held for sale 1,864 391 Exercised Put option to sell entirety stake in Omnium Telecom Algerie SpA On July 1, 2021 VEON exercised its put option to sell the entirety of its 45.57% stake in its Algerian subsidiary, Omnium Telecom Algerie SpA (Algeria) to the Fonds National d'Investissement (FNI). Omnium owns Algerian mobile network operator, Djezzy. Under the terms of the Shareholders' Agreement, the transaction is expected to be completed in Q2 2022 for a sale price of US$682. The Company classified its operations in Algeria as a held-for-sale and discontinued operations. In connection with this classification, the Company no longer accounts for depreciation and amortization expenses of Algeria assets as of July 01, 2021. The results for Algeria in the consolidated income statements and the consolidated statements of cash flows for 2021, 2020 and 2019 have been presented separately. There were no triggering events indicating any impairment or decline in the fair value of Algeria subsequent to its measurement as held for sale and discontinued operation. As such, the net assets of Algeria are presented at lower of cost and fair value less costs to sell. The following table shows the profit/(loss) and other comprehensive income relating to Algeria operations for the period ended December 31, 2021: Income statement and statement of comprehensive income 2021 2020 Operating revenue 659 689 Operating expenses (470) (564) Other expenses (17) (17) Profit / (loss) before tax for the period 172 108 Income tax benefit / (expense) (21) (29) Profit / (loss) after tax for the period 151 79 Other comprehensive income / (loss)* (68) (157) Total comprehensive income / (loss) 83 (78) *Other comprehensive income is relating to the foreign currency translation. The following table shows the assets and liabilities classified as held-for-sale relating to Algeria as of December 31, 2021: 2021 Property and equipment 527 Intangible assets excl. goodwill 111 Goodwill 1,001 Deferred tax assets 35 Other current assets 172 Total assets held for sale 1,846 Non-current liabilities 106 Current liabilities 285 Total liabilities held for sale 391 Net assets of the discontinued operations of Algeria includes US$667 relating to cumulative currency translation losses as of December 31, 2021, which will be recycled through the consolidated income statement upon the completion of the sale. ACCOUNTING POLICIES Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction or loss of control rather than through continuing use, and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell. Non-current assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale. Assets and liabilities of a disposal group classified as held for sale are presented separately from the other assets and liabilities in the statement of financial position without restating the prior period comparatives. A discontinued operation is a component that is classified as held for sale and that represents a separate major line of business or geographical area of operations. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount in the income statement and cash flow statement with in operating, investing and financing activities. All other notes to the financial statements include amounts for continuing operations, unless otherwise mentioned.

IMPAIRMENT OF ASSETS

IMPAIRMENT OF ASSETS	12 Months Ended
	Dec. 31, 2021
Disclosure of impairment loss and reversal of impairment loss [abstract]
IMPAIRMENT OF ASSETS	IMPAIRMENT OF ASSETS Property and equipment and intangible assets are tested regularly for impairment. The Company assesses, at the end of each reporting period, whether there exist any indicators that an asset may be impaired (i.e. asset becoming idle, damaged or no longer in use). If there are such indicators, the Company estimates the recoverable amount of the asset. Impairment losses of continuing operations are recognized in the income statement in a separate line item. Goodwill is tested for impairment annually (at September 30) or when circumstances indicate the carrying value may be impaired. Refer to Note 13 for an overview of the carrying value of goodwill per cash-generating unit (“CGU”). The Company’s impairment test is primarily based on fair value less cost of disposal calculations (Level 3 in the fair value hierarchy) using a discounted cash flow model, based on cash flow projections from business plans prepared by management. The Company considers the relationship between its market capitalization and its book value, as well as weighted average cost of capital and the quarterly financial performances of each CGU when reviewing for indicators of impairment in interim periods. Impairment losses in 2021 Property and equipment Intangible assets Goodwill Other Total impairment 2021 Kyrgyzstan 12 5 — 2 19 Russia (7) — — — (7) Other 8 — — — 8 13 5 — 2 20 Impairment losses in 2020 In recent years, Beeline Russia has seen a decline in its subscriber and revenue market share on the back of competitive pressures in the market, which have impacted both revenues and profitability. This underperformance has negatively impacted the fair value of our Russian business, and over time has eroded the existing headroom over the book value of the business. The impact of a weaker Russian ruble, along with ongoing COVID lockdowns and associated travel restrictions, have had a negative impact on consumer spending, which weakened particularly during the third quarter of 2020. Together with a slower than anticipated recovery in Beeline’s ARPU, which has in turn impacted our future projected revenue, a revision to our previous estimates has been deemed necessary. Based on these revisions, VEON recorded an impairment of US$723 against the carrying value of goodwill in Russia in the third quarter of 2020. The recoverable amount of the CGU of US$3,001 was determined based on fair value less costs of disposal calculations (Level 3 in the fair value hierarchy) using a discounted cash flow model, based on cash flow projections from business plans prepared by management. Also in the third quarter of 2020, due to the unstable political environment and uncertainties arising with respect to the recoverability of our operating assets in Kyrgyzstan, VEON has fully impaired the carrying value of all operating assets of Kyrgyzstan. As a result, the Company recorded a total impairment loss of US$64. Additionally, in regard with the Company’s commitment to network modernization, the Company continuously re-evaluates the plans for its existing network, primarily with respect to equipment purchased but not installed, and consequently recorded an impairment loss of US$5. Property and equipment Intangible assets Goodwill Other Total impairment 2020 Russia — — 723 — 723 Kyrgyzstan 38 8 — 18 64 Other 5 — — (7) (2) 43 8 723 11 785 Impairment losses in 2019 During the third quarter of 2019, due to operational underperformance of its operations in Kyrgyzstan, the Company revised its previous estimates and assumptions regarding the future cash flows of the Kyrgyzstan CGU. Based on a recoverable value of US$42, the Company recorded an impairment of US$90 against the carrying value of the CGU. The impairment loss for Kyrgyzstan was allocated first to the existing carrying value of goodwill (US$54) and then subsequently to property and equipment (US$33) and intangible assets (US$3), based on relative carrying values. Additionally, in regard with the Company’s commitment to network modernization, the Company continuously re-evaluates the plans for its existing network, primarily with respect to equipment purchased but not installed, and consequently recorded an impairment loss of US$18. Property and equipment Intangible assets Goodwill Other Total impairment 2019 Kyrgyzstan 33 3 54 — 90 Other 18 — — — 18 51 3 54 — 108 KEY ASSUMPTIONS The recoverable amounts of CGUs have been determined based on fair value less costs of disposal calculations, using cash flow projections from business plans prepared by management. The Company bases its impairment calculation on detailed budgets and forecast calculations which are prepared separately for each of the Company’s CGUs. These budgets and forecast calculations are prepared for a period of five years. A long-term growth rate is applied to project future cash flows after the fifth year. The tables below show key assumptions used in fair value less costs of disposal calculations for CGUs with material goodwill or those CGUs for which an impairment has been recognized. Discount rates Discount rates are initially determined in US dollars based on the risk-free rate for 20-year maturity bonds of the United States Treasury, adjusted for a risk premium to reflect both the increased risk of investing in equities and the systematic risk of the specific CGU relative to the market as a whole. The equity market risk premium is sourced from independent market analysts. The systematic risk, beta, represents the median of the raw betas of the entities comparable in size and geographic footprint with the ones of the Company ( “Peer Group” ). The debt risk premium is based on the median of Standard & Poor’s long-term credit rating of the Peer Group. The weighted average cost of capital is determined based on target debt-to-equity ratios representing the median historical five The discount rate in functional currency of a CGU is adjusted for the long-term inflation forecast of the respective country in which the business operates, as well as applicable country risk premium. Discount rate 2021 2020 2019 Russia 9.3 % 10.1 % 9.1 % Algeria** — % 11.6 % 10.4 % Pakistan 14.7 % 18.2 % 14.5 % Kazakhstan 9.4 % 10.3 % 9.2 % Kyrgyzstan * — — % 14.1 % Uzbekistan 11.8 % 13.8 % 14.5 % * In 2020, VEON fully impaired the carrying value of all operating assets of Kyrgyzstan, therefore discount rate was not determined **In 2021 no parameters were estimated for Algeria as it was classified as held for sale and discontinued operation, please refer to N ote 10 Revenue growth rates The revenue growth rates during the forecast period vary based on numerous factors, including size of market, GDP (Gross Domestic Product), foreign currency projections, traffic growth, market share and others. A long‑term growth rate into perpetuity is estimated based on a percentage that is lower than or equal to the country long-term inflation forecast, depending on the CGU. Average annual revenue growth rate during forecast period Terminal growth rate 2021 2020 2019 2021 2020 2019 Russia 4.6 % 4.3 % 1.4 % 1.6 % 1.8 % 1.6 % Algeria** — % 4.3 % 1.0 % — % 1.0 % 1.0 % Pakistan 6.4 % 9.7 % 3.9 % 5.5 % 5.8 % 2.7 % Kazakhstan 6.6 % 5.3 % 5.3 % 1.0 % 3.1 % 3.3 % Kyrgyzstan * — — % 1.6 % — — % 5.0 % Uzbekistan 3.7 % 3.2 % 4.1 % 3.0 % 5.1 % 6.0 % * In 2020, VEON fully impaired the carrying value of all operating assets of Kyrgyzstan, therefore revenue growth rates were not determined **In 2021 no parameters were estimated for Algeria as it was classified as held for sale and discontinued operation, please refer to Note 10 Operating margin The Compan y estimates operating margin based on pre-IFRS 16 Adjusted EBITDA divided by Total Operating Revenue for each CGU and each future year. The forecasted operating margin is based on the budget and forecast calculations and assumes cost optimization initiatives which are part of on-going operations, as well as regulatory and technological changes known to date, such as telecommunication license issues and price regulation among others. Average operating margin during the forecast period Terminal period operating margin 2021 2020 2019 2021 2020 2019 Russia 33.1 % 31.2 % 34.7 % 35.5 % 35.7 % 34.5 % Algeria** — % 39.9 % 42.6 % — % 40.4 % 43.1 % Pakistan 43.4 % 42.0 % 47.3 % 42.0 % 44.6 % 47.3 % Kazakhstan 48.8 % 49.5 % 49.9 % 47.0 % 50.0 % 50.1 % Kyrgyzstan * — — % 31.4 % — — % 33.0 % Uzbekistan 40.9 % 34.0 % 51.4 % 34.0 % 34.0 % 52.4 % * In 2020, VEON fully impaired the carrying value of all operating assets of Kyrgyzstan, therefore operating margin assumptions were not determined **In 2021 no parameters were estimated for Algeria as it was classified as held for sale and discontinued operation, please refer to Note 10 CAPEX CAPEX is defined as purchases of property and equipment and intangible assets excluding licenses, goodwill and right-of-use assets. The cash flow forecasts for capital expenditures are based on the budget and forecast calculations and include the network roll-outs plans and license requirements. The cash flow forecasts for license and spectrum payments for each operating company for the initial five years include amounts for expected renewals and newly available spectrum. Beyond that period, a long-run cost of spectrum is assumed. Payments for right-of-use assets are considered in the operating margin as described above. Average CAPEX as a percentage of revenue during the forecast period Terminal period CAPEX as a percentage of revenue 2021 2020 2019 2021 2020 2019 Russia 25.5 % 27.9 % 19.9 % 21.0 % 21.0 % 18.5 % Algeria** — % 15.2 % 12.5 % — % 14.0 % 12.0 % Pakistan 22.0 % 19.6 % 17.2 % 20.0 % 18.9 % 17.1 % Kazakhstan 19.9 % 19.8 % 20.0 % 20.0 % 19.0 % 19.5 % Kyrgyzstan * — — % 26.9 % — — % 20.0 % Uzbekistan 20.2 % 21.4 % 19.4 % 21.0 % 21.0 % 20.1 % * In 2020, VEON fully impaired the carrying value of all operating assets of Kyrgyzstan, therefore CAPEX assumptions were not determined **In 2021 no parameters were estimated for Algeria as it was classified as held for sale and discontinued operation, please refer to Note 10 SOURCE OF ESTIMATION UNCERTAINTY The Group has significant investments in property and equipment, intangible assets, and goodwill. Estimating recoverable amounts of assets and CGUs must, in part, be based on management’s evaluations, including the determination of the appropriate CGUs, the relevant discount rate, estimation of future performance, the revenue-generating capacity of assets, timing and amount of future purchases of property and equipment, assumptions of future market conditions and the long-term growth rate into perpetuity (terminal value). In doing this, management needs to assume a market participant perspective. Changing the assumptions selected by management, in particular, the discount rate and growth rate assumptions used to estimate the recoverable amounts of assets, could significantly impact the Group’s impairment evaluation and hence results. A significant part of the Group’s operations is in countries with emerging markets. The political and economic situation in these countries may change rapidly and recession may potentially have a significant impact on these countries. On-going recessionary effects in the world economy and increased macroeconomic risks impact our assessment of cash flow forecasts and the discount rates applied. There are significant variations between different markets with respect to growth, mobile penetration, average revenue per user ( “ARPU”

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2021
Property, plant and equipment [abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT The following table summarizes the movement in the net book value of property and equipment for the years ended December 31: Net book value Telecomm-unications equipment Land, Office and other equipment Equipment not installed and assets under construction Right-of-use assets Total As of January 1, 2020 4,306 216 417 416 1,985 7,340 Additions 47 2 32 1,626 446 2,153 Disposals (50) (5) (10) (12) (14) (91) Depreciation charge for the year (1,009) (28) (123) — (416) (1,576) Impairment (28) (1) (2) (7) (5) (43) Transfers 1,282 5 111 (1,396) (2) — Translation adjustment (498) (30) (57) (59) (260) (904) As of December 31, 2020 4,050 159 368 568 1,734 6,879 Additions 50 3 18 1,559 712 2,342 Disposals* (198) (1) (5) (7) (100) (311) Depreciation charge for the year (990) (22) (124) — (409) (1,545) Reclassification as held for sale (367) (6) (9) (42) (80) (504) Impairment (12) — (2) 3 (2) (13) Transfers 1,428 16 182 (1,619) (2) 5 Translation adjustment (101) 2 (6) (11) (20) (136) As of December 31, 2021 3,860 151 422 451 1,833 6,717 Cost 11,233 374 1,428 553 2,864 16,452 Accumulated depreciation and impairment (7,373) (223) (1,006) (102) (1,031) (9,735) *This includes disposal of NTC as explained in Note 9 . There were no material changes in estimates related to property and equipment in 2021 other than the impairment described in Note 11 of US$13 (2020: US$43) and lease term reassessments in Russia (included in ‘Additions’) which had the effect of increasing right-of-use assets by US$171. Please refer to Note 16 for more information regarding Source of estimation uncertainty for lease terms. During 2021, VEON acquired property and equipment in the amount of US$726 (2020: US$601), which were not paid for as of year-end. Property and equipment pledged as security for bank borrowings amounts to US$919 as of December 31, 2021 (2020: US$865), and primarily relate to securities for borrowings of PMCL. The following table summarizes the movement in the net book value of right-of-use assets ( "ROU" ) for the year ended December 31: Net book value ROU - Telecommunications Equipment ROU - Land, Buildings and Constructions ROU - Office and Other Equipment Total As of January 1, 2020 1,638 344 3 1,985 Additions 339 102 5 446 Disposals (14) — — (14) Depreciation charge for the year (309) (105) (2) (416) Impairment (1) (4) — (5) Transfers — (2) — (2) Translation adjustment (217) (42) (1) (260) As of December 31, 2020 1,436 293 5 1,734 Additions 642 65 5 712 Disposals (100) — — (100) Depreciation charge for the year (320) (86) (3) (409) Reclassification as held for sale (71) (9) — (80) Impairment — (2) — (2) Transfers (4) 2 — (2) Translation adjustment (16) (3) (1) (20) As of December 31, 2021 1,567 260 6 1,833 Cost 2,334 518 12 2,864 Accumulated depreciation and impairment (767) (258) (6) (1,031) COMMITMENTS Capital commitments for the future purchase of equipment are as follows as of December 31: 2021 2020 Less than 1 year 709 747 Between 1 and 5 years 62 19 More than 5 years 198 — Total commitments 969 766 The above table for 2021 includes future lease commitments relating to the lease agreements between Russia and NTC (Less than 1 year: US$4, Between 1 and 5 years: US$61 and More than 5 years: US$198). For further details on this transaction, refer to Note 9 (Agreement between VEON and Service Telecom regarding the Sale of its Russian tower assets). Capital commitments arising from telecommunications licenses VEON’s ability to generate revenue in the countries it operates is dependent upon the operation of the wireless telecommunications networks authorized under its various licenses for GSM-900/1800, “3G” (UMTS / WCDMA) mobile radiotelephony communications services and “4G” (LTE). Under the license agreements, operating companies are subject to certain commitments, such as territory or population coverage, level of capital expenditures, and number of base stations to be fulfilled within a certain timeframe. If we are found to be involved in practices that do not comply with applicable laws or regulations, we may be exposed to significant fines, the risk of prosecution or the suspension or loss of our licenses, frequency allocations, authorizations or various permissions, any of which could harm our business, financial condition, results of operations, or cash flows. After expiration of the license, our operating companies might be subject to additional payments for renewals, as well as new license capital and other commitments. ACCOUNTING POLICIES Property and equipment is stated at cost, net of any accumulated depreciation and accumulated impairment losses. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. The useful of life of VEON's assets generally fall within the following ranges: Class of property and equipment Useful life Telecommunication equipment 3 – 20 years Buildings and constructions 10 – 50 years Office and other equipment 3 – 10 years Right-of-use assets Equivalent lease term Each asset’s residual value, useful life and method of depreciation is reviewed at the end of each financial year and adjusted prospectively, if necessary. Where applicable, the Company has applied sale and leaseback accounting principles, whereas the right-of-use asset arising from the leaseback is measured at the proportion of the previous carrying amount of the asset that relates to the right of use retained by VEON. Accordingly, VEON recognizes only the amount of any gain or loss that relates to the rights transferred to the buyer-lessor. SOURCE OF ESTIMATION UNCERTAINTY Depreciation and amortization of non-current assets Depreciation and amortization expenses are based on management estimates of useful life, residual value and amortization method of property and equipment and intangible assets. Estimates may change due to technological developments, competition, changes in market conditions and other factors and may result in changes in the estimated useful life and in the amortization or depreciation charges. Technological developments are difficult to predict and our views on the trends and pace of developments may change over time. Some of the assets and technologies in which the Group invested several years ago are still in use and provide the basis for new technologies. The useful lives of property and equipment and intangible assets are reviewed at least annually, taking into consideration the factors mentioned above and all other relevant factors. Estimated useful lives for similar types of assets may vary between different entities in the Group due to local factors such as growth rate, maturity of the market, historical and expected replacements or transfer of assets and quality of components used. Estimated useful life for right-of-use assets is directly impacted by the equivalent lease term, refer to Note 16 for more information regarding Source of estimation uncertainty for lease terms.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2021
Disclosure of detailed information about intangible assets [abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS The following table summarizes the movement in the net book value of intangible assets for the years ended December 31: Net book value Telecommuni-cation licenses, frequencies & permissions Software Brands and trademarks Customer relationships Other intangible assets Goodwill Total As of January 1, 2020 1,100 316 149 142 22 3,959 5,688 Additions 53 188 3 5 5 13 267 Disposals — (6) — — — — (6) Amortization charge for the year (139) (159) (23) (15) (7) — (343) Impairment (5) (3) — — — (723) (731) Transfer — 6 — — (6) — — Translation adjustment (88) (41) (12) (16) 1 (567) (723) As of December 31, 2020 921 301 117 116 15 2,682 4,152 Additions 482 184 — 1 29 14 710 Disposals* (1) (1) — — 1 (51) (52) Amortization charge for the year (162) (135) 8 (15) (4) — (308) Reclassification as held for sale (34) (9) (73) — — (1,034) (1,150) Impairment (4) (1) — — — — (5) Transfer 40 11 (39) — (6) (7) (1) Translation adjustment (40) — 1 (2) 1 (62) (102) As of December 31, 2021 1,202 350 14 100 36 1,542 3,244 Cost 2,455 1,014 240 687 102 3,539 8,037 Accumulated amortization and impairment (1,253) (664) (226) (587) (66) (1,997) (4,793) *This includes disposal of NTC as explained in Note 9 . During 2021, there were no material change in estimates related to intangible assets other than the impairment described in Note 11 During 2021, VEON acquired intangible assets in the amount of US$171 (2020: US$56), which were not yet paid for as of year-end. Additions for the period include capitalization of ex-Warid license in Pakistan amounting to US$384, please refer to Note 9 for further information. GOODWILL During the year, the movement in goodwill for the Group, per CGU , consisted of the following: CGU* December 31, Impairment Translation adjustment Addition Reclassification as held for sale Disposal Other December 31, Russia** 1,084 — (10) 14 — (51) — 1,131 Algeria — — (19) — (1,034) — — 1,053 Pakistan 287 — (30) — — — (7) 324 Kazakhstan 136 — (4) — — — — 140 Uzbekistan 35 — 1 — — — — 34 Total 1,542 — (62) 14 (1,034) (51) (7) 2,682 CGU December 31, Impairment Translation adjustment Addition December 31, Russia 1,131 (723) (424) 13 2,265 Algeria 1,053 — (114) — 1,167 Pakistan 324 — (11) — 335 Kazakhstan 140 — (14) — 154 Uzbekistan 34 — (4) — 38 Total 2,682 (723) (567) 13 3,959 * There is no goodwill allocated to the CGUs of Ukraine, Bangladesh, Kyrgyzstan or Georgia ** In 2021, VEON acquired a majority stake in OTM, a technology platform for the automation and planning of online advertising and IBS DataFort, a cloud IT infrastructure provider in Russia. COMMITMENTS Capital commitments for the future purchase of intangible assets are as follows as of December 31: 2021 2020 Less than 1 year 58 31 Total commitments 58 31 ACCOUNTING POLICIES Intangible assets acquired separately are carried at cost less accumulated amortization and impairment losses. Intangible assets with a finite useful life are generally amortized with the straight-line method over the estimated useful life of the intangible asset. The amortization period and the amortization method for intangible assets with finite useful lives are reviewed at least annually and fall within the following ranges: Class of intangible asset Useful life Telecommunications licenses, frequencies and permissions 3 - 20 years Software 3 - 10 years Brands and trademarks 3 - 15 years Customer relationships 10 - 21 years Other intangible assets 4 - 10 years Goodwill is recognized for the future economic benefits arising from net assets acquired that are not individually identified and separately recognized. Goodwill is not amortized but is tested for impairment annually and as necessary when circumstances indicate that the carrying value may be impaired, see Note 11 for further details. SOURCE OF ESTIMATION UNCERTAINTY Refer also to Note 12 for further details regarding source of estimation uncertainty. Depreciation and amortization of non-current assets Estimates in the evaluation of useful lives for intangible assets include, but are not limited to, the estimated average customer relationship based on churn, the remaining license or concession period and the expected developments in technology and markets.

INVESTMENTS IN SUBSIDIARIES

INVESTMENTS IN SUBSIDIARIES	12 Months Ended
	Dec. 31, 2021
Disclosure of subsidiaries [abstract]
INVESTMENTS IN SUBSIDIARIES	INVESTMENTS IN SUBSIDIARIES The Company held investments in material subsidiaries for the years ended December 31 as detailed in the table below. The equity interest presented represents the economic rights available to the Company. Equity interest held by the Group Name of significant subsidiary Country of incorporation Nature of subsidiary 2021 2020 VEON Amsterdam B.V. Netherlands Holding 100.0 % 100.0 % VEON Holdings B.V. Netherlands Holding 100.0 % 100.0 % PJSC VimpelCom Russia Operating 100.0 % 100.0 % JSC “Kyivstar” Ukraine Operating 100.0 % 100.0 % LLP “KaR-Tel” Kazakhstan Operating 75.0 % 75.0 % LLC “Unitel” Uzbekistan Operating 100.0 % 100.0 % LLC “VEON Georgia” Georgia Operating 100.0 % 80.0 % VEON Finance Ireland Designated Activity Company Ireland Holding 100.0 % — % LLC “Sky Mobile” Kyrgyzstan Operating 50.1 % 50.1 % VEON Luxembourg Holdings S.à r.l. Luxembourg Holding 100.0 % 100.0 % VEON Luxembourg Finance Holdings S.à r.l. Luxembourg Holding 100.0 % 100.0 % VEON Luxembourg Finance S.A. Luxembourg Holding 100.0 % 100.0 % Global Telecom Holding S.A.E Egypt Holding 99.6 % 99.6 % Omnium Telecom Algérie S.p.A.* Algeria Holding 45.6 % 45.4 % Optimum Telecom Algeria S.p.A.* Algeria Operating 45.6 % 45.4 % Pakistan Mobile Communications Limited Pakistan Operating 100.0 % 85.0 % Banglalink Digital Communications Limited Bangladesh Operating 100.0 % 100.0 % * The Group has concluded that it controls Omnium Telecom Algérie S.p.A and Optimum Telecom Algeria S.p.A, see 'Significant accounting judgments' below for further details. The Company is subject to legal restrictions to distribute accumulated profits from Algeria by virtue of local shareholding agreement (i.e. it is allowed only to distribute 42.5% of current year profit), and the rest is restricted. Further restrictions on dividend distributions relate to withholding tax in respect of dividends mainly from Russia, Kazakhstan and Uzbekistan. The total amount of dividend restrictions amounts to US$ 1 billion (PY: US$525 million). The increase as compared to prior year relates mainly to the increase of the withholding tax from 5% to 15% for dividends from Russia to the Netherlands . MATERIAL PARTLY-OWNED SUBSIDIARIES Financial information of subsidiaries that have material non-controlling interests ( “NCIs” ) is provided below: Equity interest held by NCIs Book values of Profit / (loss) attributable to material NCIs Name of significant subsidiary 2021 2020 2021 2020 2021 2020 LLP “KaR-Tel” ( “Kar-Tel” ) 25.0 % 25.0 % 96 97 29 26 Omnium Telecom Algérie S.p.A. ( “OTA” ) 54.4 % 54.4 % 732 783 29 43 The summarized financial information of these subsidiaries before intercompany eliminations for the years ended December 31 are detailed below. Summarized income statement Kar-Tel OTA 2021 2020 2019 2021 2020 2019 Operating revenue 529 446 461 658 689 775 Operating expenses (370) (316) (319) (567) (564) (621) Other (expenses) / income (9) 4 (6) (16) (17) (17) Profit / (loss) before tax 150 134 136 75 108 137 Income tax expense (32) (28) (29) (21) (29) (36) Profit / (loss) for the year 118 106 107 54 79 101 Total comprehensive income / (loss) 118 106 107 54 79 101 Attributed to NCIs 29 26 27 29 43 55 Dividends paid to NCIs — — — (43) 46 69 Summarized statement of financial position Kar-Tel OTA 2021 2020 2021 2020 Property and equipment 300 276 442 492 Intangible assets 213 233 1,100 1,168 Other non-current assets 28 23 35 18 Trade and other receivables 29 21 31 31 Cash and cash equivalents 46 37 113 67 Other current assets 33 31 28 50 Debt and derivatives (102) (75) (122) (102) Provisions (6) (6) (37) (23) Other liabilities (158) (152) (250) (267) Total equity 383 388 1,340 1,434 Attributed to: Equity holders of the parent 287 291 608 651 Non-controlling interests 96 97 732 783 Summarized statement of cash flows Kar-Tel OTA 2021 2020 2019 2021 2020 2019 Net operating cash flows 231 184 199 263 211 305 Net investing cash flows (106) (88) (84) (114) (102) (84) Net financing cash flows (114) (97) (104) (99) (103) (205) Net foreign exchange difference (1) (2) — (5) (5) (1) Net increase / (decrease) in cash equivalents 10 (3) 11 45 1 15 SIGNIFICANT ACCOUNTING JUDGMENTS Control over subsidiaries

OTHER NON-OPERATING GAIN _ (LOS

OTHER NON-OPERATING GAIN / (LOSS)	12 Months Ended
	Dec. 31, 2021
Other Non-Operating Gain (Loss)
OTHER NON-OPERATING GAIN / (LOSS)	OTHER NON-OPERATING GAIN / (LOSS) Other non-operating gains / (losses) consisted of the following for the years ended December 31: 2021 2020 2019 Ineffective portion of hedging activities 3 15 20 Change of fair value of other derivatives (4) 6 (17) Gain /(loss) from money market funds 7 12 21 Loss from early debt redemption — — — Other gains / (losses) 28 78 (3) Other non-operating gain / (loss), net 34 111 21 Included in ‘Other gains / (losses)' in 2021 a gain of US$21 relating to the fair value adjustment of Shop-up and a US$3 write off of certain payables. Included in ‘Other gains / (losses)' in 2020 is a gain of US$41 relating to the revaluation of contingent consideration liability, as well as a gain of US$41 relating to the settlement in connection with the dispute concerning the sale of Telecel Globe Limited.

INVESTMENTS, DEBT AND DERIVATIV

INVESTMENTS, DEBT AND DERIVATIVES	12 Months Ended
	Dec. 31, 2021
Disclosure of detailed information about financial instruments [abstract]
INVESTMENTS, DEBT AND DERIVATIVES	FINANCING ACTIVITIES OF THE GROUPINVESTMENTS, DEBT AND DERIVATIVES INVESTMENTS AND DERIVATIVES The Company holds the following investments and derivatives assets as of December 31: Carrying value 2021 2020 At fair value Derivatives not designated as hedges — 20 Derivatives designated as net investment hedges — 3 Other investments 37 8 37 31 At amortized cost Security deposits and cash collateral 49 325 Other investments 99 39 148 364 Total investments and derivatives 185 395 Non-current 99 305 Current 86 90 Security deposits The ex-Warid license renewal was due in May 2019. Pursuant to directions from the Islamabad High Court, the Pakistan Telecommunication Authority ( “PTA” ) issued a license renewal decision on July 22, 2019 requiring payment of US$40 per MHz for 900 MHz spectrum and US$30 per MHz for 1800 MHz spectrum, equating to an aggregate price of approximately US$450 (excluding applicable taxes of approximately 13%). On August 17, 2019, Jazz appealed the PTA’s order to the Islamabad High Court. On August 21, 2019, the Islamabad High Court suspended the PTA’s order pending the outcome of the appeal and subject to Jazz making payment in the form of security (under protest) as per the options given in the PTA’s order. In September 2019, Jazz deposited approximately US$225 in order to maintain its appeal in the Islamabad High Court regarding the PTA's underlying decision on the license renewal. There were no specific terms and conditions attached to the deposit. The deposit is recorded as a non-current financial asset in the statement of financial position. In May, 2020 a further US$57 was paid under protest, presented within 'Receipts from / (payment on) deposits' in the statement of cash flows. The most recent hearing on this matter was concluded before the Islamabad High Court on March 1, 2021. On July 19, 2021, Islamabad High Court dismissed Jazz's appeal. Based on the dismissal of appeal by the court, subsequent legal opinion obtained and acceptance of the total license price, the license was recognized and accordingly the security deposit balance of was also adjusted against the license fee payable. DEBT AND DERIVATIVES The Company holds the following outstanding debt and derivatives liabilities as of December 31: Carrying value 2021 2020 At fair value Derivatives not designated as hedges 4 52 Derivatives designated as net investment hedges 4 1 8 53 At amortized cost Principal amount outstanding 7,595 7,678 Interest accrued 86 85 Discounts, unamortized fees, hedge basis adjustment (15) (5) Bank loans and bonds 7,666 7,758 Lease liabilities 2,667 1,912 Put-option liability over non-controlling interest 16 273 Other financial liabilities* 289 91 10,638 10,034 Total debt and derivatives 10,646 10,087 Non-current 9,404 8,832 Current 1,242 1,255 . *Certain comparative amounts have been reclassified, refer to Note 24 for further details. Bank loans and bonds The Company had the following principal amounts outstanding for interest-bearing loans and bonds at December 31: Principal amount outstanding Borrower Type of debt Guarantor Currency Interest rate Maturity 2021 2020 VEON Holdings Loans None RUB 7.35% to 7.50% 2021 — 812 VEON Holdings Loans None RUB CBR key rate + 2.20% 2021 — 677 VEON Holdings Notes PJSC VimpelCom US$ 7.50% 2022 417 417 VEON Holdings Notes None US$ 5.95% to 7.25% 2023 1,229 1,229 VEON Holdings Notes None US$ 4.95% 2024 533 533 VEON Holdings Loan None RUB CBR key rate + 1.85% 2025 404 406 VEON Holdings Notes None US$ 4.00% 2025 1,000 1,000 VEON Holdings Notes None RUB 6.30% to 6.50% 2025 404 406 VEON Holdings Notes None RUB 8.13% 2026 269 — VEON Holdings Notes None US$ 3.38% 2027 1,250 1,250 VEON Finance Ireland DAC Loans VEON Holdings RUB CBR key rate + 1.90% to 2.15% 2026 807 — VEON Finance Ireland DAC Loan VEON Holdings RUB 10.10% 2026 404 — PJSC VimpelCom, via VIP Finance Ireland Notes None US$ 7.75% 2021 — 262 PMCL Loans None PKR 6M KIBOR +0.35% 2022 24 80 PMCL Loans None PKR 6M KIBOR + 0.55% 2026 272 273 PMCL Loan None PKR 3M KIBOR + 0.55% 2028 28 — PMCL Loan None PKR 6M KIBOR + 0.55% 2028 85 — PMCL Loan None PKR 3M KIBOR + 0.88% 2031 57 — PJSC Kyivstar Loan None UAH NBU Key rate + 3.00% 2023 61 56 PJSC Kyivstar Loan VEON Holdings UAH NBU Key rate + 3.50% 2024 47 — PJSC Kyivstar Loan VEON Holdings UAH Treasury Bill Rate + 3.00% 2024 50 — PJSC Kyivstar Loans None UAH 10.15% to 11.00% 2023-2025 97 85 Banglalink Loans None BDT Average bank deposit rate + 4.25% 2022 46 80 Other bank loans and bonds 111 112 Total bank loans and bonds 7,595 7,678 SIGNIFICANT CHANGES IN DEBT AND DERIVATIVES Reconciliation of cash flows from financing activities Bank loans and bonds Lease liabilities Total Balance as of January 1, 2020 7,588 2,083 9,671 Cash flows Proceeds from borrowings, net of fees paid 4,621 — 4,621 Repayment of debt (4,054) (297) (4,351) Interest paid (494) (146) (640) Repayment of debt relating to Algeria discontinued operations — (25) (25) Interest paid relating to Algeria discontinued operations — (4) (4) Non-cash movements Interest and fee accruals 546 156 702 Lease additions, disposals, impairment and modifications — 432 432 Foreign currency translation (398) (286) (684) Other non-cash movements (51) — (51) Balance as of December 31, 2020 7,758 1,913 9,671 Cash flows Proceeds from borrowings, net of fees paid 2,090 — 2,090 Repayment of debt (2,129) (337) (2,466) Interest paid (472) (147) (619) Non-cash movements Interest and fee accruals 513 144 657 Lease additions, disposals, impairment and modifications — 1,224 1,224 Held for sale - Note 10 — (122) (122) Foreign currency translation (68) (8) (76) Other non-cash movements (26) — (26) Balance as of December 31, 2021 7,666 2,667 10,333 FINANCING ACTIVITIES 2021 Acquisition of minority stake in PMCL In March 2021, VEON successfully concluded the acquisition of the 15% minority stake in Pakistan Mobile Communications Limited ("PMCL"), its operating company in Pakistan, from the Dhabi Group for US$273. This transaction follows the Dhabi Group’s exercise of its put option in September 2020 and gives VEON 100% ownership of PMCL. The transaction is presented within 'Acquisition of non-controlling interest' within the Consolidated Statement of Cash Flows. VEON entered into a US$1,250 multi-currency revolving credit facility agreement In March 2021, VEON successfully entered into a new multi-currency revolving credit facility agreement (the “RCF”) of US$1,250. The RCF replaced the revolving credit facility signed in February 2017, which is now cancelled. The RCF has an initial tenor of three years, with VEON having the right to request two one year extensions, subject to lender consent. International banks from Asia, Europe and the US have committed to the RCF. The new RCF caters for USD LIBOR cessation with the secured overnight financing rate ("SOFR") administered by the Federal Reserve Bank of New York USA agreed as the replacement risk free rate with credit adjustment spreads agreed for interest periods with a one month, three months and six months tenor. SOFR will apply to interest periods commencing on and from October 31, 2021. VEON will have the option to make each drawdown in either U.S. dollars or euro. PMCL enters into PKR 20 billion (US$131) loan facilities In March 2021, PMCL successfully entered into a new PKR 15 billion (US$98) syndicated facility with MCB Bank as agent and PKR 5 billion (US$33) bilateral term loan facility with United Bank Limited. Both these floating rate facilities have a tenor of seven years. VEON increases facility with Alfa Bank In March 2021, VEON successfully amended and restate d its existing RUB 30 billion (US$396) bilateral term loan agreement with Alfa Bank and increased the total facility size to RUB 45 billion (US$594), by adding a new floating rate tranche of RUB 15 billion (US$198). The new tranche has a five years term. In April 2021, the proceeds from Alfa Bank new tranche of RUB15 billion (US$198) were used to early repay RUB 15 billion (US$198) of loans from Sberbank, originally maturing in June 2023. PMCL secures syndicated credit facility In June 2021, PMCL secured a PKR 50 billion (US$320) syndicated credit facility from a banking consortium led by Habib Bank Limited. This ten years facility will be used to finance the company’s ongoing 4G network rollouts and technology upgrades, as well as to address upcoming maturities. Global Medium Term Note Programme In September 2021, VEON Holdings B.V. issued senior unsecured notes of RUB 20 billion (US$273), maturing in September 2026. The notes were issued under its existing Global Medium Term Note Programme with a Programme limit of US$6.5 billion, or the equivalent thereof in other currencies. The proceeds were used for early repayment of RUB 20 billion (US$273) of outstanding loans to Sberbank that were originally maturing in June 2023. Loan agreement Alfa Bank In December 2021, VEON Finance Ireland Designated Activity Company signed a RUB 45 billion (US$612) Term Facilities Agreement with Alfa Bank which includes a RUB 30 billion (US$408) fixed rate tranche and a RUB 15 billion (US$204) floating rate tranche, both with a maturity date of December 2026. The facilities are guaranteed by VEON Holdings B.V.. The proceeds from the Alfa Bank facilities have been used to finance intercompany loans to PJSC Vimpel-Com. Loan agreement Sberbank In December 2021, VEON Finance Ireland Designated Activity Company signed a RUB 45 billion (US$611) Term Facility Agreement with Sberbank with a floating rate. Maturity date of the facility is December 2026 and it is guaranteed by VEON Holdings B.V.. The proceeds from the Sberbank facility have been used to finance an intercompany loan to PJSC Vimpel-Com. Alfa Bank loans repayment In December 2021, VEON Holdings B.V. repaid RUB 45 billion (US$611) of outstanding loans to Alfa Bank, comprising of a RUB 30 billion loan (US$407) originally maturing in March 2025 and a RUB 15 billion (US$204) loan originally maturing in March 2026. Sberbank loans repayment In December 2021, VEON Holdings B.V. repaid RUB 45 billion (US$612) of outstanding loans to Sberbank, comprising of a RUB 15 billion (US$204) loan originally maturing in June 2023 and a RUB 30 billion (US$408) loan originally maturing in June 2024. FINANCING ACTIVITIES IN 2020 Optional early redemption of US$600 million 3.95% Senior notes due June 2021 In December 2020, VEON Holdings B.V. completed optional early redemption of all of its outstanding US$600 3.95% Senior Notes due June 2021, pursuant to Condition 5.3 of the 2021 Notes. The Notes were redeemed in full at a redemption price equal to 101.00% of the principal amount thereof, plus accrued and unpaid interest and additional amounts due thereon. Financing activities in Ukraine In December 2020, VEON's operating company in Ukraine, Kyivstar, signed three bilateral unsecured loan agreements with Raiffeisen Bank Aval Joint Stock Company (“Raiffeisen”), Joint Stock Company Alfa Bank (“Alfa Bank”) and Joint Stock Company OTP Bank ( “OTP” ), for an aggregate amount of UAH4.1 billion (US$146). The loan agreement with Raiffeisen has a 5-year term with a fixed interest rate of 11.00%, and the loan agreements with Alfa Bank and OTP each have a 3-year term with a floating rate equal to NBU Key Rate + 3.00% and a fixed interest rate of 10.15% respectively. Exercise of 15% PMCL put option In September 2020, the Dhabi Group exercised its put option to sell us its 15% shareholding in PMCL, the Company’s subsidiary in Pakistan. VEON updated the fair value of its put option liability following the completion of an independent valuation process which determined a fair value for the shareholding of US$273, resulting in a gain of US$59 recorded in ‘Finance costs’ within the Consolidated Income Statement. During 2021, the transaction was completed and VEON indirectly owns 100% of PMCL. Global Medium Term Note Programme In April 2020, VEON Holdings B.V. established a Global Medium Term Note Programme for the issuance of bonds (the "GMTN Programme"), with a programme limit of US$6,500, or the equivalent thereof in other currencies. In June, September and November 2020, VEON Holdings B.V. issued senior unsecured notes of RUB20 billion (US$288), RUB10 billion (US$135) and US$1.25 billion, respectively, under the GMTN Programme, maturing in June 2025, September 2025 and November 2027. Refinancing of loan agreement with VTB In July 2020, VEON Holdings B.V. successfully refinanced its existing RUB30 billion (US$422), bilateral term loan agreement with VTB Bank. This refinancing extended the final maturity of the existing loan between VTB Bank and VEON Holdings B.V. to July 2025 and amended the interest cost from a fixed rate of 8.75% to floating rate equal to CBR Key Rate + 1.85 %. Refinancing of loan agreement with Sberbank In June 2020, VEON Holdings B.V. entered into a new RUB bilateral term loan agreement with Sberbank. The agreement comprises four facilities for a total amount of RUB100 billion (US$1,450) with final maturity dates ranging between two In July 2020, VEON drew down the remaining RUB12.5 billion available under the facility agreement. Subsequently, in September 2020, VEON repaid one of the facilities of RUB20 billion, originally maturing in June 2022, in full with no fees. The repaid facility cannot be re-borrowed. Contingent consideration In 2015, International Wireless Communications Pakistan Limited and Pakistan Mobile Communications Ltd (“PMCL”), each indirect subsidiaries of the Company, signed an agreement with Warid Telecom Pakistan LLC and Bank Alfalah Limited, to combine their operations in Pakistan. In July 2016, the transaction was closed and PMCL acquired 100% of the voting shares in Warid Telecom (Pvt) Limited (“Warid”) for a consideration of 15% of the shares in PMCL. As a result, VEON gained control over Warid. As part of the share purchase agreement, an earn-out payment was agreed in the event that a tower transaction is effected by PMCL within four years from the acquisition date. The earn-out would also apply if another telecommunications operator in Pakistan effects a tower transaction, provided the transaction meets certain parameters, in the same timeframe. The contingent consideration would be settled with a transfer of PMCL shares. As of June 2020, the probability of completion of a tower deal in Pakistan prior to the relevant deadline, upon which contingent consideration would be paid, became remote. As a result, the fair value of Contingent consideration was revised downwards to zero, with a corresponding gain of US$41 recognized in the consolidated income statement. Extension and extinguishment of Banglalink syndicated loan In April 2020, Banglalink Digital Communications Limited, a wholly-owned subsidiary, extended the maturity of its US$300 syndicated loan by an additional two years to 2022. Following this extension, VEON Digital Amsterdam B.V., the Company's wholly-owned subsidiary, acquired the loan from the original lenders, leading to extinguishment of this financial liability within VEON's consolidated financial statements. No material transactional costs were incurred. Drawdowns under the Revolving Credit Facility In March 2020, VEON Holdings B.V., the Company's wholly-owned subsidiary, executed two drawdowns under its existing revolving credit facility for an aggregate amount of US$600. Although these drawdowns are short-term in nature, VEON Holdings B.V. has an enforceable right to roll them over until final maturity date of the facility in February 2022. All outstanding drawdowns under this facility have been fully repaid during June 2020 (US$100) and July 2020 (US$500). Refinancing of RUB debt - AO "Alfa Bank" In March 2020, VEON Holdings B.V. amended and restated the existing facility with AO "Alfa Bank", increasing its size and utilization from RUB17.5 billion to RUB30 billion (US$165). Following this amendment and restatement, the final maturity of this facility has been set to March 2025. GTH bonds prepayment In February 2020, GTH Finance B.V., the Company’s subsidiary, repaid at par the US$500 6.25% bonds, originally maturing April, 2020. US$300 tap issuance of existing senior notes In January 2020, VEON Holdings B.V., issued US$300 in senior unsecured notes due 2025, which are consolidated and form a single series with the US$700 4.00% senior notes due in 2025 issued by VEON Holdings B.V. in October 2019. VEON used the net proceeds of the tap issuance to refinance certain existing outstanding debt. FAIR VALUES As of December 31, 2021, the carrying amounts of all financial assets and liabilities are equal to or approximate their respective fair values as shown in the table at the beginning of this note, with the exception of: • 'Bank loans and bonds, including interest accrued', for which fair value is equal to US$7,709 (2020: US$8,031); and • 'Lease liabilities', for which fair value has not been determined. As of December 31, 2021 and December 31, 2020, all of the Group's financial instruments carried at fair value in the statement of financial position were measured based on Level 2 inputs, except for the Contingent consideration, for which fair value is classified as Level 3. All movements in Contingent consideration in the years ended December 31, 2021 and 2020 relate to changes in fair value, which are unrealized, and are recorded in “Other non-operating gain / (loss)” within the consolidated income statement. Fair values are estimated based on quoted market prices for our bonds, derived from market prices or by discounting contractual cash flows at the rate applicable for the instruments with similar maturity and risk profile. Observable inputs (Level 2) used in valuation techniques include interbank interest rates, bond yields, swap curves, basis swap spreads, foreign exchange rates and credit default spreads. On a quarterly basis, the Company reviews if there are any indicators for a possible transfer between fair value hierarchy levels. This depends on how the Company is able to obtain the underlying input parameters when assessing the fair valuations. During the years ended December 31, 2021 and 2020, there were no transfers between Level 1, Level 2 and Level 3 fair value measurements. HEDGE ACCOUNTING The following table sets out the Company’s hedging instruments designated as net investment hedges as of December 31: Hedging instruments * Designated rate Excluded component Hedged Currency Aggregated designated nominal value of hedged items, million 2021 2020 Foreign currency forward contracts Forward foreign currency basis spread PJSC VimpelCom RUB 6,986 ** 26,758 ** * Refer to the Debt and Derivatives section above in this Note for information regarding the carrying amounts of the hedging instruments. ** Hedging instruments have a weighted average term to maturity of less than 1 year as of December 31, 2021 (2020: 1 year ). There is an economic relationship between the hedged net investments and the hedging instruments due to the translation risk inherent in the hedged items that matches the foreign exchange risk of the hedging instruments. The hedge ratio for each of the above relationships was set at 1:1 as the underlying risk of the hedging instruments is identical to the hedged risk and the nominal value of hedging instruments has not exceeded the amounts of respective net investments. Hedge ineffectiveness might arise from: • the value of a net investment falling below the related designated nominal value of the hedging instrument, or • counterparties’ credit risk impacting the hedging instrument but not the hedged net investment. During the periods covered by these consolidated financial statements, the amount of ineffectiveness was immaterial. During 2021, the Company recorded a loss of US$(18) on derivatives designated as net investment hedge. Impact of hedge accounting on equity The below table sets out the reconciliation of each component of equity and the analysis of other comprehensive income (all of which are attributable to the equity owners of the parent): Foreign currency translation reserve Cost of hedging reserve ** As of January 1, 2020 (8,312) 9 Foreign currency revaluation of the foreign operations and other (615) — Effective portion of foreign currency revaluation of the hedging instruments * 178 — Change in fair value of foreign currency basis spreads — 7 Amortization of time-period related foreign currency basis spreads — (15) Other movements in foreign currency translation reserve (26) — As of December 31, 2020 (8,775) 1 Foreign currency revaluation of the foreign operations (140) — Effective portion of foreign currency revaluation of the hedging instruments * (18) — Change in fair value of foreign currency basis spreads — 2 Amortization of time-period related foreign currency basis spreads — (3) Other movements in foreign currency translation reserve — — As of December 31, 2021 (8,933) — * Amounts represent the changes in fair value of the hedging instruments and closely approximate the changes in value of the hedged items used to recognize hedge ineffectiveness. ** Movements in the cost of hedging reserve are included within "Other" in respective section of statement of other comprehensive income. ACCOUNTING POLICIES AND SOURCES OF ESTIMATION UNCERTAINTY Put options over non-controlling interest Put options over non-controlling interest of a subsidiary are accounted for as financial liabilities in the Company’s consolidated financial statements. The put-option redemption liability is measured at the discounted redemption amount. Interest over the put-option redemption liability will accrue in line with the effective interest rate method, until the options have been exercised or are expired. Derivative contracts VEON enters into derivative contracts, including swaps and forward contracts, to manage certain foreign currency and interest rate exposures. Any derivative instruments for which no hedge accounting is applied are recorded at fair value with any fair value changes recognized directly in profit or loss. Although some of the derivatives entered into by the Company have not been designated in hedge accounting relationships, they act as economic hedges and offset the underlying transactions when they occur. Hedges of a net investment The Company applies net investment hedge accounting to mitigate foreign currency translation risk related to the Company’s investments in foreign operations. The portion of the gain or loss on the hedging instrument that is determined to be an effective hedge is recognized in other comprehensive income within the “Foreign currency translation” line item. Where the hedging instrument’s foreign currency retranslation is greater (in absolute terms) than that of the hedged item, the excess amount is recorded in profit or loss as ineffectiveness. The gain or loss on the hedging instrument relating to the effective portion of the hedge that has been recognized in other comprehensive income shall be reclassified from equity to profit or loss as a reclassification adjustment on the disposal or partial disposal of the foreign operation. Cash flows arising from derivative instruments for which hedge accounting is applied are reported in the statement of cash flows within the line item where the underlying cash flows of the hedged item are recorded. Fair value of financial instruments All financial assets and liabilities are measured at amortized cost, except those which are measured at fair value as presented within this Note. Where the fair value of financial assets and liabilities recorded in the statement of financial position cannot be derived from active markets, their fair value is determined using valuation techniques, including discounted cash flows models. The inputs to these models are taken from observable markets, but when this is not possible, a degree of judgment is required in establishing fair values. The judgments include considerations regarding inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. Measurement of lease liabilities Lease liabilities are measured upon initial recognition at the present value of the future lease and related fixed services payments over the lease term, discounted with the country specific incremental borrowing rate as the rate implicit in the lease is generally not available. Subsequently lease liabilities are measured at amortized cost using the effective interest rate method. A significant portion of the lease contracts included within Company’s lease portfolio includes lease contracts which are extendable through mutual agreement between VEON and the lessor, or lease contracts which are cancellable by the Company immediately or on short notice. The Company includes these cancellable future lease periods within the assessed lease term, which increases the future lease payments used in determining the lease liability upon initial recognition, except when it is not reasonably certain at the commencement of the lease that these will be exercised.

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS	12 Months Ended
	Dec. 31, 2021
Cash and cash equivalents [abstract]
CASH AND CASH EQUIVALENTS	CASH AND CASH EQUIVALENTS Cash and cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. Cash and cash equivalents are comprised of cash at bank and on hand and highly liquid investments that are readily convertible to known amounts of cash, are subject to only an insignificant risk of changes in value and have an original maturity of less than three months. Cash and cash equivalents consisted of the following items as of December 31: 2021 2020 Cash and cash equivalents at banks and on hand 1,485 694 Cash equivalents with original maturity of less than three months* 767 975 Cash and cash equivalents** 2,252 1,669 Less overdrafts (13) (8) Cash and cash equivalents, net of overdrafts, as presented in the consolidated statement of cash flows 2,239 1,661 *Certain comparative amounts have been reclassified, refer to Note 24 for further details. ** Cash and cash equivalents include an amount of US$98 relating to banking operations in Pakistan. Cash at bank earns interest at floating rates based on bank deposit rates. Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Company, and earn interest at the respective short-term deposit rates. The imposition of currency exchange controls or other similar restrictions on currency convertibility in the countries in which VEON operates could limit VEON’s ability to convert local currencies or repatriate local cash in a timely manner or at all, as well as remit dividends from the respective countries. As of December 31, 2021 US$71 (DZD) equivalent was considered restricted and included in cash and cash equivalent balances, as it was pending completion of local regulatory processes and approvals. The amounts were paid out of Algeria on March 24, 2022 and received in the bank. (2020: nil). Cash balances include investments in money market funds of US$397 (2020: US$543), which are carried at fair value through profit or loss with gains presented within ‘Other non-operating gain / (loss)’ within the consolidated income statement. As of December 31, 2021, some bank accounts forming part of a cash pooling program and being an integral part of the Company’s cash management remained overdrawn by US$13 (2020: US$8). Even though the total balance of the cash pool remained positive, the Company has no legally enforceable right of set-off and therefore the overdrawn accounts are presented as debt and derivatives within the statement of financial position. At the same time, because the overdrawn accounts are an integral part of the Company’s cash management, they were included as cash and cash equivalents within the statement of cash flows.

FINANCIAL RISK MANAGEMENT

FINANCIAL RISK MANAGEMENT	12 Months Ended
	Dec. 31, 2021
Disclosure of risk management strategy related to hedge accounting [abstract]
FINANCIAL RISK MANAGEMENT	FINANCIAL RISK MANAGEMENT The Group’s principal financial liabilities consist of loans and borrowings and trade and other payables. The main purpose of these financial liabilities is to finance the Group’s operations. The Group has trade and other receivables, cash and short-term deposits that are derived directly from its operations. The Group is exposed to market risk, credit risk and liquidity risk. The Company’s Board of Directors manages these risks with support of the treasury function, who proposes the appropriate financial risk governance framework for the Group, identifies and measures financial risks and suggests mitigating actions. The Company’s Board of Directors, supported by its Finance Committee, approves the financial risk management framework and oversees its enforcement. INTEREST RATE RISK The Company is exposed to the risk of changes in market interest rates primarily due to the its long-term debt obligations. The Company manages its interest rate risk exposure through a portfolio of fixed and variable rate borrowings. As of December 31, 2021, approximately 75% of the Company’s borrowings are at a fixed rate of interest (2020: 79%). The Group is exposed to possible changes in interest rates on variable interest loans and borrowings, partially mitigated through cash and cash equivalents and current deposits. With all other variables held constant, the Company’s profit before tax is affected through changes in the floating rate of borrowings while the Company’s equity is affected through the impact of a parallel shift of the yield curve on the fair value of hedging derivatives. An increase or decrease of 100 basis points in interest rates would have an immaterial impact on the Company’s income statement and other comprehensive income. FOREIGN CURRENCY RISK The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to the debt denominated in currencies other than the functional currency of the relevant entity, the Company’s operating activities (predominantly capital expenditures at subsidiary level denominated in a different currency from the subsidiary’s functional currency) and the Company’s net investments in foreign subsidiaries. The Company manages its foreign currency risk by selectively hedging committed exposures. The Company hedges part of its exposure to fluctuations on the translation into U.S. dollars of its foreign operations by holding the borrowings in foreign currencies or by foreign exchange swaps and forwards. During the periods covered by these financial statements, the Company used foreign exchange forwards to mitigate foreign currency translation risk related to the Company’s net investment in PJSC VimpelCom. Foreign currency sensitivity The following table demonstrates the sensitivity to a possible change in exchange rates against the US dollar with all other variables held constant. Additional sensitivity changes to the indicated currencies are expected to be approximately proportionate. The table shows the effect on the Company’s profit before tax (due to changes in the value of monetary assets and liabilities, including foreign currency derivatives) and equity (due to application of hedge accounting or existence of quasi equity loans). The Company’s exposure to foreign currency changes for all other currencies is not material. Effect on profit / (loss) before tax Effect on other comprehensive income Change in foreign exchange rate against US$ 10% depreciation 10% appreciation 10% depreciation 10% appreciation 2021 Russian Ruble 18 (25) 9 (10) Bangladeshi Taka (30) 33 — — Pakistani Rupee (3) 4 — — Georgian Lari (37) 41 — — Other currencies (net) (7) 7 — — 2020 Russian Ruble 35 (39) 32 (39) Bangladeshi Taka (30) 33 — — Pakistani Rupee (4) 4 — — Georgian Lari (36) 40 — — Other currencies (net) 8 (9) 4 (4) CREDIT RISK The Company is exposed to credit risk from its operating activities (primarily from trade receivables), and from its treasury activities, including deposits with banks and financial institutions, derivative financial instruments and other financial instruments. See Note 17 for further information on restrictions on cash balances. Trade receivables consist of amounts due from customers for airtime usage and amounts due from dealers and customers for equipment sales. VEON’s credit risk arising from the services the Company provides to customers is mitigated to a large extent due to the majority of its active customers being subscribed to a prepaid service as of December 31, 2021 and 2020, and accordingly not giving rise to credit risk. For postpaid services, in certain circumstances, VEON requires deposits as collateral for airtime usage. Equipment sales are typically paid in advance of delivery, except for equipment sold to dealers on credit terms. VEON’s credit risk arising from its trade receivables from dealers is mitigated due to the risk being spread across a large number of dealers. Management periodically reviews the history of payments and credit worthiness of the dealers. The Company also has receivables from other local and international operators from interconnect and roaming services provided to their customers, as well as receivables from customers using fixed-line services, such as business services, wholesale services and services to residents. Receivables from other operators for roaming services are settled through clearing houses, which helps to mitigate credit risk in this regard. VEON holds available cash in bank accounts, as well as other financial assets with financial institutions in countries where it operates. To manage credit risk associated with such asset holdings, VEON allocates its available cash to a variety of local banks and local affiliates of international banks within the limits set forth by its treasury policy. Management periodically reviews the creditworthiness of the banks with which it holds assets. In respect of financial instruments used by the Company’s treasury function, the aggregate credit risk the Group may have with one counterparty is managed by reference to, amongst others, the long-term credit ratings assigned for that counterparty by Moody’s, Fitch Ratings and Standard & Poor’s and CDS spreads of that counterparty. The limits are set to minimize the concentration of risks and therefore mitigate financial loss through potential counterparty’s failure. Value Added Tax ( “VAT” ) is recoverable from tax authorities by offsetting it against VAT payable to the tax authorities on VEON’s revenue or direct cash receipts from the tax authorities. Management periodically reviews the recoverability of the balance of input value added tax and believes it is fully recoverable. VEON issues advances to a variety of its vendors of property and equipment for its network development. The contractual arrangements with the most significant vendors provide for equipment financing in respect of certain deliveries of equipment. VEON periodically reviews the financial position of vendors and their compliance with the contract terms. The Company’s maximum exposure to credit risk for the components of the statement of financial position at December 31, 2021 and 2020 is the carrying amount as illustrated in Note 5 , Note 16 , Note 17 and within this Note 18 . LIQUIDITY RISK The Company monitors its risk to a shortage of funds using a recurring liquidity planning tool. The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of bonds, bank overdrafts, bank loans and lease contracts. The Company’s policy is to create a balanced debt maturity profile. As of December 31, 2021, 7% of the Company’s debt (2020: 5%) will mature in less than one year based on the carrying value of bank loans, bonds and other borrowings reflected in the financial statements. The Company assessed the concentration of risk with respect to refinancing its debt and concluded it to be low based on liquidity in the markets the Company has access to, and recent history of refinancing, except for the additional risks identified in Note 24 . The Company believes that access to sources of funding is sufficiently available and the Company’s policy is to diversify the funding sources where possible. Available facilities The Company had the following available facilities as of December 31: Amounts in millions of transactional currency US$ equivalent amounts Final availability period Facility amount Utilized Available Facility amount Utilized Available 2021 VEON Holdings B.V. – Revolving Credit Facility Feb 2024 US$1,250 — US$1,250 1,250 — 1,250 PMCL - Term Facility Jun 2022 PKR 50,000 PKR 10,000 PKR 40,000 283 57 226 TNS -Plus LLC - Term Facilities* Oct 2023 KZT 4,000 KZT 2,783 KZT 1,217 9 6 3 * Facility amount of US$ 0.3 is available until October 2025. Amounts in millions of transactional currency US$ equivalent amounts Final availability period Facility amount Utilized Available Facility amount Utilized Available 2020 VEON Holdings B.V. – Revolving Credit Facility * Feb 2022 US$1,586* — US$1,586 1,586 — 1,586 PMCL - Syndicated Term Facility and Islamic Finance Facility Sep 2021 PKR 14,369 PKR 9,999 PKR 4,370 90 62 28 PMCL - Term Facility Nov 2023 PKR 10,000 PKR 5,000 PKR 5,000 24 12 12 * Facility amount of US$1,586 is available until February 2021. Subsequently a reduced facility amount of US$1,382 was available until March 2021. In March 2021, VEON entered into a new multi-currency revolving credit facility agreement, Maturity profile The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments. Payments related to variable interest rate financial liabilities and derivatives are included based on the interest rates and foreign currency exchange rates applicable as of December 31, 2021 and 2020, respectively. The total amounts in the table differ from the carrying amounts as stated in Note 16 as the below table includes both undiscounted principal amounts and interest while the carrying amounts are measured using the effective interest rate method. Less than 1 year 1-3 years 3-5 years More than 5 years Total As of December 31, 2021 Bank loans and bonds 1,050 3,200 3,652 1,393 9,295 Lease liabilities 545 1,111 763 751 3,170 Derivative financial liabilities Gross cash inflows — — — — — Gross cash outflows 8 — — — 8 Trade and other payables* 2,031 — — — 2,031 Other financial liabilities 120 144 21 15 300 Put option liability over non-controlling interest 16 — — — 16 Total financial liabilities 3,770 4,455 4,436 2,159 14,820 Related derivatives financial assets Gross cash inflows — — — — — Gross cash outflows — — — — — Related derivative financial assets — — — — — Total financial liabilities, net of derivative assets 3,770 4,455 4,436 2,159 14,820 * Certain comparative amounts have been reclassified, refer to Note 24 for further details. Less than 1 year 1-3 years 3-5 years More than 5 years Total As of December 31, 2020 Bank loans and bonds 842 3,803 3,123 1,408 9,176 Lease liabilities 525 896 639 239 2,299 Derivative financial liabilities Gross cash inflows (228) — — — (228) Gross cash outflows 237 — — — 237 Trade and other payables* 1,946 — — — 1,946 Other financial liabilities — 60 — — 60 Warid non-controlling interest put option liability 273 — — — 273 Total financial liabilities 3,595 4,759 3,762 1,647 13,763 Related derivatives financial assets Gross cash inflows 152 — — — 152 Gross cash outflows (149) — — — (149) Related derivative financial assets 3 — — — 3 Total financial liabilities, net of derivative assets 3,598 4,759 3,762 1,647 13,766 * Certain comparative amounts have been reclassified, refer to Note 24 for further details. CAPITAL MANAGEMENT The primary objective of the Company’s capital management is to ensure that it maintains healthy capital ratios, so as to secure access to debt and capital markets at all times and maximize shareholder value. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. In September 2019, VEON announced a dividend policy that targets paying at least 50% of prior year Equity Free Cash Flow after licenses while Company’s Net Debt to Adjusted EBITDA ratio below 2.4x. See the paragraph below for more information on how the Company’s Net Debt to Adjusted EBITDA ratio is calculated. Dividend payments remain subject to the review by the Company’s Board of Directors of medium-term investment opportunities and the Company’s capital structure. There were no changes made in the Company’s objectives, policies or processes for managing capital during 2021. The Net Debt to Adjusted EBITDA ratio is an important measure used by the Company to assess its capital structure. Net Debt represents the principal amount of interest-bearing debt less cash and cash equivalents and bank deposits. Adjusted EBITDA is defined as last twelve months earnings before interest, tax, depreciation, amortization and impairment, loss on disposals of non-current assets, other non-operating losses and share of profit / (loss) of joint ventures. For reconciliation of ‘Profit / (loss) before tax from continuing operations’ to ‘Adjusted EBITDA,’ refer to Note 2 . Further, this ratio is included as a financial covenant in the credit facilities of the Company. For most of our credit facilities the Net Debt to Adjusted EBITDA ratio is calculated at consolidated level of VEON Ltd. and is “pro-forma” adjusted for acquisitions and divestments of any business bought or sold during the relevant period. Under these credit facilities, the Company is required to maintain the Net Debt to Adjusted EBITDA ratio at or below 3.75x (on the basis of the so called "GAAP freeze" principle). The Company has not breached any financial covenants during the period covered by these financial statements.

ISSUED CAPITAL AND RESERVES

ISSUED CAPITAL AND RESERVES	12 Months Ended
	Dec. 31, 2021
ISSUED CAPITAL AND RESERVES
ISSUED CAPITAL AND RESERVES	ISSUED CAPITAL AND RESERVES The following table details the common shares of the Company as of December 31: 2021 2020 Authorized common shares (nominal value of US$0.001 per share) 1,849,190,667 1,849,190,667 Issued shares, including 7,603,731 shares held by a subsidiary of the Company 1,756,731,135 1,756,731,135 The holders of common shares are, subject to our by-laws and Bermuda law, generally entitled to enjoy all the rights attaching to common shares. All issued shares are fully paid-up. As of December 31, 2021, the Company’s largest shareholders and remaining free float are as follows: Shareholder Common shares % of common and voting shares L1T VIP Holdings S.à r.l. (“LetterOne”) 840,625,001 47.9 % Stichting Administratiekantoor Mobile Telecommunications Investor * 145,947,562 8.3 % Free Float, including 7,603,731 shares held by a subsidiary of the Company 770,158,572 43.8 % Total outstanding common shares 1,756,731,135 100.0 % * LetterOne is the holder of the depositary receipts issued by Stichting and is therefore entitled to the economic benefits (dividend payments, other distributions and sale proceeds) of such depositary receipts and, indirectly, of the 145,947,562 common shares represented by the depositary receipts. According to the conditions of administration entered into between Stichting and LetterOne ( “Conditions of Administration” ) in connection with the transfer of 145,947,562 ADSs from LetterOne to Stichting on March 29, 2016, Stichting has the power to vote and direct the voting of, and the power to dispose and direct the disposition of, the ADSs, in its sole discretion, in accordance with the Conditions of Administration and Stichting’s articles of association. Nature and purpose of reserves Other capital reserves are mainly used to recognize the results of transactions that do not result in a change of control with non-controlling interest (see Note 14 ). The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries, net of any related hedging activities (see Note 16

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2021
Earnings per share [abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Earnings per common share for all periods presented has been determined by dividing profit available to common shareholders by the weighted average number of common shares outstanding during the period. The following table sets forth the computation of basic and diluted earnings per share for continuing operations, for the years ended December 31: Continuing operations 2021 2020 2019 (In millions of U.S. dollars, except share and per share amounts) Numerator: Profit / (loss) for the period attributable to the owners of the parent 605 (384) 576 Denominator: Weighted average common shares outstanding for basic earnings per share (in millions) 1,749 1,749 1,749 Denominator for diluted earnings per share (in millions) 1,753 1,749 1,749 Basic (loss) / earnings per share $0.35 ($0.22) $0.33 Diluted (loss) / earnings per share $0.35 ($0.22) $0.33 The following table sets forth the computation of basic and diluted earnings per share for discontinued operations, for the years ended December 31: Discontinued operations 2021 2020 2019 (In millions of U.S. dollars, except share and per share amounts) Numerator: Profit / (loss) for the period attributable to the owners of the parent 69 35 45 Denominator: Weighted average common shares outstanding for basic earnings per share (in millions) 1,749 1,749 1,749 Denominator for diluted earnings per share (in millions) 1,753 1,749 1,749 Basic (loss) / earnings per share $0.04 $0.02 $0.03 Diluted (loss) / earnings per share $0.04 $0.02 $0.03

DIVIDENDS PAID AND PROPOSED

DIVIDENDS PAID AND PROPOSED	12 Months Ended
	Dec. 31, 2021
Dividends Paid And Proposed
DIVIDENDS PAID AND PROPOSED	DIVIDENDS PAID AND PROPOSED Pursuant to Bermuda law, VEON is restricted from declaring or paying a dividend if there are reasonable grounds for believing that (a) VEON is, or would after the payment be, unable to pay its liabilities as they become due, or (b) the realizable value of VEON assets would, as a result of the dividend, be less than the aggregate of VEON liabilities. There were no dividends declared by VEON in respect of the year 2021 and 2020. The following table provides an overview of dividends announced by VEON in respect of the year 2019: Description Dividends declared Dividends paid Dividends, US$ cents per share Final for 2019 February 2020 March 2020 15 Interim for 2019 August 2019 August 2019 13 The Company makes appropriate tax withholdings of up to 15% when the dividends are being paid to the Company’s share depository, The Bank of New York Mellon. For ordinary shareholders at Euronext Amsterdam, dividends are paid in euro. DIVIDENDS DECLARED TO NON-CONTROLLING INTERESTS During 2021, 2020 and 2019, certain subsidiaries of the Company declared dividends, of which a portion was paid or payable to non-controlling interests as shown in the table below: Name of subsidiary 2021 2020 2019 Omnium Telecom Algeria S.p.A 44 45 69 VIP Kazakhstan Holding AG 27 24 24 TNS Plus LLP 8 16 12 Other 10 2 3 Total dividends declared to non-controlling interests 89 87 108 In 2020, PMCL, a subsidiary of the Company, declared dividends to its shareholders, of which US$25 (2019: US$24) was declared to non-controlling shareholders of PMCL. Dividends declared to non-controlling interests of PMCL reduces the principal amount of the put-option liability over non-controlling interest on the date of declaration.

RELATED PARTIES

RELATED PARTIES	12 Months Ended
	Dec. 31, 2021
Disclosure of transactions between related parties [abstract]
RELATED PARTIES	RELATED PARTIES As of December 31, 2021, the Company has no ultimate controlling shareholder. See also Note 19 for details regarding ownership structure. COMPENSATION TO DIRECTORS AND SENIOR MANAGERS OF THE COMPANY The following table sets forth the total compensation to our directors and senior managers, who are considered to be key management of the company: 2021 2020 2019 Short-term employee benefits 39 35 48 Long-term employee benefits — 1 — Share-based payment* 9 — 3 Termination benefits 7 4 — Total compensation to directors and senior management** 55 40 51 *Share-based payment in 2021 represent the expense under the Deferred Shares Plan and Long-Term Incentive Plan, see further details below. ** The number of directors and senior managers vary from year to year. Total compensation paid to directors and senior management approximates the amount charged in the consolidated income statement for that year with the exception of the share-based payment in 2021. Under the Company’s bye-laws, the Board of Directors of the Company established a compensation and talent committee, which has the overall responsibility for approving and evaluating the compensation and benefit plans, policies and programs of the Company’s directors, officers and employees and for supervising the administration of the Company’s equity incentive plans and other compensation and incentive programs. Compensation of Key Senior Managers The following table sets forth the total remuneration expense to the key senior managers in 2021 and 2020 (gross amounts in whole euro and whole US$ equivalents). For further details on compensation and changes to key senior managers, please refer to the Explanatory notes below. In whole euros Kaan Terzioglu Sergi Herrero Ursula Burns Serkan Okandan Trond Westlie Murat Kirkgoz Kjell Johnsen Scott Dresser Alex Kazbegi Joop Brakenhoff Alex Bolis Dmitry Shvets Michael Schulz Group CEO Group Co-CEO Group CEO Group CFO Group CFO Deputy Group CFO Group COO Group General Counsel Group Chief Strategy Officer Group Chief Internal Audit & Compliance Officer Group Head of Corporate Development, Communications and Investor Relations Group Head of Portfolio Management Group Chief People Officer 2021 Short-term employee benefits Base salary 1,323,000 628,199 — 1,296,000 — — — 1,300,000 143,100 540,000 272,448 365,854 237,741 Annual incentive 1,695,094 623,036 — 1,192,320 — — — 1,300,000 128,437 496,800 239,754 372,351 197,107 Other 205,350 5,512,172 — 1,276,225 — — — 1,013,859 143,936 96,600 77,000 11,271 27,862 Long-term employee benefits 166,518 (144,764) — — — — — — — — — — — Share-based payments 2,158,098 (60,701) (103,954) 1,066,672 — (26,417) — 277,390 — 467,471 330,726 491,760 469,127 Termination benefits — 2,936,759 — — — — — 2,625,000 579,675 — — — — Total remuneration expense * 5,548,060 9,494,701 (103,954) 4,831,217 — (26,417) — 6,516,249 995,148 1,600,871 919,928 1,241,236 931,837 2020 Short-term employee benefits Base salary 1,323,000 1,181,368 1,162,750 864,000 16,810 211,600 — 1,300,000 553,500 224,100 — — — Annual incentive 930,418 769,643 540,984 525,730 — 80,302 — 2,300,000 338,378 147,813 — — — Other 439,657 2,158,022 554,328 297,341 212,631 40,360 299,333 24,100 104,124 39,908 — — — Long-term employee benefits 76,366 706,925 — — — — — — — — — — — Share-based payments 88,056 58,707 111,403 76,316 (217,080) (7,954) (217,080) (65,526) — 8,775 — — — Termination benefits — — — — — — — — — — — — — Total remuneration expense * 2,857,497 4,874,665 2,369,465 1,763,387 12,361 324,308 82,253 3,558,574 996,002 420,596 — — — * Total remuneration expense for 2021 excludes accrued payroll taxes of EUR-3 million (US$-3) (2020: EUR9 million (US$10) recorded in ‘Selling, general and administrative expenses’ incurred by the Company pertaining to payments made to Ursula Burns (2020: Ursula Burns and Kjell Johnsen). In whole US dollars Kaan Terzioglu Sergi Herrero Ursula Burns Serkan Okandan Trond Westlie Murat Kirkgoz Kjell Johnsen Scott Dresser Alex Kazbegi Joop Brakenhoff Alex Bolis Dmitry Shvets Michael Schulz Group CEO Group Co-CEO Group CEO Group CFO Group CFO Deputy Group CFO Group COO Group General Counsel Group Chief Strategy Officer Group Chief Internal Audit & Compliance Officer Group Head of Corporate Development, Communications and Investor Relations Group Head of Portfolio Management Group Chief People Officer 2021 Short-term employee benefits Base salary 1,564,015 742,676 — 1,532,096 — — — 1,536,825 169,169 638,373 322,081 433,078 281,051 Annual incentive 2,003,894 736,572 — 1,409,528 — — — 1,536,825 151,835 587,303 283,431 440,768 233,014 Other 242,759 6,516,660 — 1,508,718 — — — 1,198,557 170,158 114,198 91,027 13,342 32,938 Long-term employee benefits 196,853 (171,144) — — — — — — — — — — — Share-based payments 2,551,245 (71,763) (122,891) 1,260,991 — (31,230) — 327,923 — 552,631 390,975 582,119 554,589 Termination benefits — 3,471,927 — — — — — 3,103,204 685,276 — — — — Total remuneration expense * 6,558,766 11,224,928 (122,891) 5,711,333 — (31,230) — 7,703,334 1,176,438 1,892,505 1,087,514 1,469,307 1,101,592 2020 Short-term employee benefits Base salary 1,508,380 1,346,902 1,325,676 985,064 19,165 241,250 — 1,482,157 631,057 255,501 — — — Annual incentive 1,060,789 877,486 616,787 599,396 — 91,554 — 2,622,278 385,792 168,525 — — — Other 501,262 2,460,406 632,001 339,005 242,425 46,015 341,276 27,477 118,714 45,500 — — — Long-term employee benefits 87,066 805,980 — — — — — — — — — — — Share-based payments 100,394 66,933 127,013 87,009 (247,497) (9,069) (247,497) (74,708) — 10,005 — — — Termination benefits — — — — — — — — — — — — — Total remuneration expense * 3,257,891 5,557,707 2,701,477 2,010,474 14,093 369,750 93,779 4,057,204 1,135,563 479,531 — — — * Total remuneration expense for 2021 excludes accrued payroll taxes of EUR-3 million (US$-3) (2020: EUR9 million (US$10) recorded in ‘Selling, general and administrative expenses’ incurred by the Company pertaining to payments made to Ursula Burns (2020: Ursula Burns and Kjell Johnsen). Explanatory notes Base salary includes any holiday allowances pursuant to the terms of an individual’s employment agreement. Annual incentive expense includes amounts accrued under the short-term incentive in respect of performance during the current year, as well as any special recognition bonus. Other short-term employee benefits include certain allowances (for example, pension allowance or reimbursement of certain losses etc.) and support (for example, relocation support). Share-based payment expense relates to amounts related to the long-term incentive scheme and the deferred shared plan as well as amounts accrued under the value growth cash-based multi-year incentive plans, see below for further details. Changes in Key Senior Managers Ursula Burns stepped down as Group CEO with effect from March 1, 2020. Sergi Herrero and Kaan Terzioğlu were appointed as Group Co-CEOs with effective from March 1, 2020, having previously served as Joint Group COOs since September 2, 2019 and November 1, 2019, respectively. Sergi Herrero stepped down from the role of Group Co-CEO on June 30, 2021 and Kaan Terzioğlu has continued his role as Group CEO. On May 1, 2020, Serkan Okandan joined VEON as Group CFO. Trond Westlie stepped down from the role of Group CFO on September 30, 2019 and Murat Kirkgoz served as Deputy Group CFO from August 1, 2019 to April 30, 2020. Kjell Johnsen stepped down from the role of Group COO on November 1, 2019, Alex Kazbegi stepped down from the role of Group Chief Strategy Officer on March 31, 2021, and Scott Dresser stepped down from the role of Group General Counsel on December 31, 2021. In addition, Joop Brakenhoff was appointed Group Chief Internal Audit & Compliance Officer, effective July 1, 2020, Alex Bolis was appointed Group Head of Corporate Strategy, Communications and Investor Relations, effective April 1, 2021, Dmitry Shvets was appointed Group Head of Portfolio and Performance Management, effective April 15, 2021, and Michael Schulz was appointed Group Chief People Officer, effective July 1, 2021. Compensation of Board of Directors The following table sets forth the total remuneration expense to the members of the Board of Directors members in 2021 and 2020 (gross amounts in whole euro and whole US dollar equivalents). For details on changes in Board of Directors, please refer to explanations below. Retainer Committees Other compensation Total In whole euros 2021 2020 2021 2020 2021 2020 2021 2020 Hans Holger Albrecht 487,500 204,167 136,458 72,917 1,098,610 — 1,722,568 277,084 Guillaume Bacuvier — 105,114 — 23,125 — — — 128,239 Osama Bedier 155,556 308,333 44,444 68,750 — — 200,000 377,083 Ursula Burns — 323,864 — — — — — 323,864 Mariano De Beer — 204,167 — 87,500 — — — 291,667 Peter Derby 155,556 204,167 66,667 87,500 — — 222,223 291,667 Mikhail Fridman 75,000 60,417 — — — — 75,000 60,417 Gennady Gazin 842,708 629,167 57,292 33,333 1,971,749 — 2,871,749 662,500 Amos Genish 155,556 204,167 66,667 87,500 — — 222,223 291,667 Yaroslav Glazunov 75,000 13,350 — — — — 75,000 13,350 Andrei Gusev 75,000 60,417 — — — 500,000 75,000 560,417 Gunnar Holt 350,000 308,333 150,000 118,750 — — 500,000 427,083 Sir Julian Horn-Smith — 105,114 — 10,511 — — — 115,625 Robert Jan van de Kraats 350,000 308,333 125,000 85,417 — — 475,000 393,750 Guy Laurence — 104,167 — 12,500 — — — 116,667 Alexander Pertsovsky — 47,917 — — — — — 47,917 Steve Pusey 189,583 204,167 53,125 58,333 — — 242,708 262,500 Leonid Boguslavsky 335,417 — 23,958 — — — 359,375 — Sergi Herrero 195,417 — 13,958 — — — 209,375 — Irene Shvakman 195,115 — 27,874 — — — 222,989 — Vasily Sidorov 195,115 — 111,494 — — — 306,609 — Total compensation 3,832,523 3,395,361 876,937 746,136 3,070,359 500,000 7,779,819 4,641,497 Retainer Committees Other compensation Total In whole US dollars 2021 2020 2021 2020 2021 2020 2021 2020 Hans Holger Albrecht 576,323 232,775 161,321 83,134 1,298,776 — 2,036,420 315,909 Guillaume Bacuvier — 119,843 — 26,365 — — — 146,208 Osama Bedier 183,898 351,537 52,542 78,383 — — 236,440 429,920 Ursula Burns — 369,244 — — — — — 369,244 Mariano De Beer — 232,775 — 99,761 — — — 332,536 Peter Derby 183,898 232,775 78,813 99,761 — — 262,711 332,536 Mikhail Fridman 88,665 68,883 — — — — 88,665 68,883 Gennady Gazin 996,250 717,326 67,730 38,004 2,331,001 — 3,394,981 755,330 Amos Genish 183,898 232,775 78,813 99,761 — — 262,711 332,536 Yaroslav Glazunov 88,665 15,221 — — — — 88,665 15,221 Andrei Gusev 88,665 68,883 — — — 570,060 88,665 638,943 Gunnar Holt 413,770 351,537 177,330 135,389 — — 591,100 486,926 Sir Julian Horn-Smith — 119,843 — 11,984 — — — 131,827 Robert Jan van de Kraats 413,770 351,537 147,775 97,386 — — 561,545 448,923 Guy Laurence — 118,763 — 14,252 — — — 133,015 Alexander Pertsovsky — 54,631 — — — — — 54,631 Steve Pusey 224,125 232,775 62,804 66,507 — — 286,929 299,282 Leonid Boguslavsky 396,530 — 28,323 — — — 424,853 — Sergi Herrero 231,022 — 16,502 — — — 247,524 — Irene Shvakman 230,665 — 32,952 — — — 263,617 — Vasily Sidorov 230,665 — 131,808 — — — 362,473 — Total compensation 4,530,809 3,871,123 1,036,713 850,687 3,629,777 570,060 9,197,299 5,291,870 Explanatory notes In 2021, equity-settled awards were granted to Group Chairman Gennady Gazin (1,224,086) and Group Digital and Innovation Committee Chairman Hans-Holger Albrecht (1,360,095). The share awards will vest on June 10, 2022 and the shares are subject to a holding period through to July 16, 2023. The fair value of these awards were determined using the Black-Scholes Model and an expense of US$2 was incurred as of December 31, 2021 which is included in other compensation. Changes in Board of Directors Ursula Burns was appointed Group CEO and Chairman of the VEON Ltd. board of directors on December 12, 2018. Accordingly, her total compensation through March 1, 2020, has been included in the section “Compensation of Key Senior Managers” above, except for payments received in respect of her role on Board Committees. Ursula Burns stepped down as Group CEO on March 1, 2020, and later stepped down as Chairman on June 1, 2020. On June 1, 2020, VEON announced the results of the elections conducted at its Annual General Meeting of Shareholders. Shareholders elected five new members to the Company’s Board of Directors, Hans-Holger Albrecht, Mariano De Beer, Peter Derby, Amos Genish and Stephen Pusey, as well as seven previously serving directors: Osama Bedier, Mikhail Fridman, Gennady Gazin, Andrei Gusev, Gunnar Holt, Robert Jan van de Kraats and Alexander Pertsovsky. Following the election of the directors, Gennady Gazin was appointed as Chairman of VEON’s Board of Directors, effective June 1, 2020 and on October 28, 2020, Yaroslav Glazunov was appointed as an alternate director for Alexander Pertsovsky. On June 10, 2021, VEON announced the results of the elections conducted at its Annual General Meeting of Shareholders. Shareholders elected three new members to the Company’s Board of Directors, Vasily Sidorov, Irene Shvakman and Sergi Herrero, as well as nine previously serving directors: Hans-Holger Albrecht, Leonid Boguslavsky, Mikhail Fridman, Gennady Gazin, Yaroslav Glazunov, Andrei Gusev, Gunnar Holt, Stephen Pusey and Robert Jan van de Kraats. Stephen Pusey stepped down as a director from the Company’s Board of Directors on July 15, 2021. Short Term Incentive Scheme The Company’s Short Term Incentive ( “STI” ) Scheme provides cash pay-outs to participating employees based on the achievement of established KPIs over the period of one calendar year. KPIs are set every year at the beginning of the year and evaluated in the first quarter of the next year. The KPIs are partially based on the financial and operational results (such as total operating revenue, EBITDA and equity free cash flow) of the Company, or the affiliated entity employing the employee, and partially based on individual targets that are agreed upon with the participant at the start of the performance period based on his or her specific role and activities. The weight of each KPI is decided on an individual basis. Pay-out of the STI award is scheduled in March of the year following the assessment year and is subject to continued active employment during the year of assessment (except in limited “good leaver” circumstances in which case there is a pro-rata reduction) and is also subject to a pro-rata reduction if the participant commenced employment after the start of the year of assessment. Pay-out of the STI award is dependent upon final approval by the compensation and talent committee. Deferred Share Plan In 2021, equity-settled awards were granted to certain key senior managers and directors under the Deferred Shares Plan (“ DSP ”), which are subject to a two years vesting period from the grant date. The fair value of the awards were determined using the Black-Scholes Model and an expense of US$5 was incurred as of December 31, 2021. Long Term Incentive Scheme In 2021, equity-settled awards were granted to certain key senior managers under the Long-Term Incentive Plan (“ LTIP ”), which are subject to a three years vesting period from the date of the grant as well as a performance condition in line with shareholder interests. The fair value of the awards were determined using the Black-Scholes Model and an expense of US$4 was incurred as of December 31, 2021. Value growth cash-based multi-year incentive plans To stimulate and reward leadership efforts that result in sustainable success, value growth cash-based multi-year incentive plan ( “Incentive Plans ”) were designed for members of our recognized leadership community. The participants in the Incentive Plans may receive cash payouts after the end of each relevant award performance period. Vesting is based on the attainment of certain Key Performance Indicators (“ KPIs ”), such as absolute share price, total return per share or value growth of certain VEON businesses. Options may be exercised by the participant at any time during a defined exercise period, subject to the Company’s insider trading policy. ACCOUNTING POLICIES Equity-settled share-based payments are measured at the grant date fair value, which is expensed over the vesting period, taking into account expected forfeitures and performance conditions, if any, with a corresponding increase in equity. Cash-settled share-based payments are measured at the grant date fair value and recorded as a liability. The Company remeasures the fair value of the liability at the end of each reporting period until the date of settlement, with any changes in fair value recognized in the income statement. Other short-term benefits not related to share-based payments are expensed in the period when services are received.

EVENTS AFTER THE REPORTING PERI

EVENTS AFTER THE REPORTING PERIOD	12 Months Ended
	Dec. 31, 2021
Disclosure of non-adjusting events after reporting period [abstract]
EVENTS AFTER THE REPORTING PERIOD	EVENTS AFTER THE REPORTING PERIOD Ongoing conflict between Russia and Ukraine As of April 29, 2022, the conflict between Russia and Ukraine remains ongoing. Please refer to Note 24 for further details. Financing activities In February 2022, VEON Holdings B.V. repaid RUB 30 billion (US$396) of outstanding loans to VTB Bank originally maturing in July 2025. In February 2022, VEON Finance Ireland DAC signed a RUB 30 billion (US$400) Term Facility Agreement with VTB Bank with a floating rate. This facility is guaranteed by VEON Holding B.V. and has a Maturity of February 2029. The proceeds from this facility will be used for general corporate purposes, including the financing of intercompany loans to PJSC VimpelCom. In February 2022, the maturity of the revolving credit facility (RCF) was extended one year until March 2025. In February 2022, VEON Holdings B.V. has drawn US$430 under the RCF. The outstanding balance can be rolled over until maturity in 2025. In February 2022, VEON Holdings B.V. repaid the 7.50% Note of US$417 which became due in March 2022. In February 2022, Jazz, a subsidiary of the Company in Pakistan, fully utilized the remaining PKR 40 billion (US$222) available under their line of credit. In March 2022, VEON Finance Ireland DAC prepaid a RUB 30 billion (US$259) Term Facility Agreement with VTB Bank in accordance with its terms, and the facility has been cancelled. In March 2022, Alfa Bank (US$125 commitment) and Raiffeisen Bank Russia (US$70 commitment) notified the Agent under the RCF that as a result of new Russian currency regulations following a presidential decree, they could no longer participate in the RCF. As a result, their available commitments were cancelled and the total available credit under the RCF reduced from US$1,250 to US$1,055. In April 2022, the drawn portion from Alfa Bank under the RCF (US$43) was repaid. The drawn portion from Raiffeisen Bank Russia (US$24) is to be repaid by the end of May 2022. In April 2022, VEON novated two group-level loans, with Sberbank and Alfa Bank respectively, and totaling RUB 90 billion (US$1,070), to PJSC VimpelCom, with the former borrower, VEON Finance Ireland DAC and the former guarantor, VEON Holdings B.V., having been released from their obligations. In March 2022, Kyivstar, a subsidiary of the Company in Ukraine, prepaid a UAH 1,350 million (US$46) loan with JSC CitiBank, prepaid a portion of a UAH 1,677 million loan with Alfa Bank (UAH 1,003 million (US$34) repaid), and in April 2022 prepaid a portion of a UAH 1,275 million loan with JSC Credit Agricole (UAH 940 million (US$32) repaid). In April 2022, Jazz signed a PKR 40 billion (US$220) syndicated loan with a 10 year maturity. In April 2022, Banglalink, a subsidiary of the Company in Bangladesh, signed a BDT 12 billion (US$139) syndicated loan with a five years maturity. As of April 29, 2022, VEON Holdings B.V. is in the process of drawing down the remaining committed amounts under the RCF, with a portion of the related utilization request having been received as of such date. Once the drawdown is complete, the RCF will be fully drawn. The proceeds of this drawing will be used for general corporate purposes. Other developments On March 31, 2022, Banglalink acquired new spectrum for a fee of US$205 payable in installments over eleven years , doubling its spectrum holding in Bangladesh. Banglalink acquired 40 MHz of spectrum from the 2,300 MHz band. On April 12, 2022, Jazz signed a 4G license renewal with the PTA for a fee of PKR 45 billion (US$486) for fifteen years, of which 50% has been settled, and the remaining amount will be paid in five equal annual installments. Changes to Board of Directors On January 5, 2022, VEON announced the appointment of Karen Linehan to the Board of Directors as a non-executive director, following the resignation of Steve Pusey in 2021. On March 1, 2022, VEON announced the resignation of Mikhail Fridman from the Board of Directors, effective from February 28, 2022. On March 8, 2022, VEON announced the resignation of Robert Jan van de Kraats from the Board of Directors, effective from March 7, 2022. On March 16, 2022, VEON announced the appointment of Michiel Soeting to the Board of Directors as a non-executive director and Chairman of the Audit and Risk Committee, following the resignation of Robert Jan van de Kraats on March 7, 2022. Notification from NASDAQ on Minimum Share Price Requirement On April 12, 2022, VEON confirmed that on April 7, 2022 VEON received notification from the Listing Qualifications Department of NASDAQ that VEON is not in compliance with the minimum bid price requirement set forth in NASDAQ’s Listing Rule 5550(a)(2). This does not impact current NASDAQ listing and trading, and VEON will evaluate options to return to compliance. VEON announced its intention to establish a new parent holding company in the United Kingdom On February 3, 2022, VEON announced its intention to move its group parent company to the United Kingdom, with the introduction of a newly formed UK incorporated public limited company (the “new UK Parent Company”) as the top holding company of the VEON Group. It was expected that the new UK Parent Company would replace VEON Ltd. as the VEON Group’s ultimate parent company by way of a Bermuda court-approved scheme of arrangement. VEON has since suspended all activities related to the previously proposed re-domiciliation of VEON Ltd. to the United Kingdom and will continue to consider the optimal corporate structure for the Group..

BASIS OF PREPARATION OF THE CON

BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS	12 Months Ended
	Dec. 31, 2021
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS	BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS BASIS OF PREPARATION These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ( “IFRS” ) as issued by the International Accounting Standards Board, effective at the time of preparing the consolidated financial statements and applied by VEON. The consolidated income statement has been presented based on the nature of the expense, other than ‘Selling, general and administrative expenses’, which has been presented based on the function of the expense. The consolidated financial statements have been prepared on a historical cost basis, unless otherwise disclosed. Certain comparative amounts have been reclassified. Specifically, the following December 31, 2020 balances were reclassified in the consolidated statement of financial position: • Short term investments for treasury bills shorter than three months maturity relating to micro finance bank operations of US$75 is now presented in cash and cash equivalents. Accordingly the cash flow movement of US$39 (2019:US$15) relating to treasury bills has also been presented as cash and cash equivalent. • Short term portion of license fee payable of US$31 is now presented as other financial liabilities within current debt and derivative liabilities. • Expected credit losses relating to other trade receivables of US$27 presented as other receivables, is now presented as expected credit losses trade and receivable. BASIS OF CONSOLIDATION The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Subsidiaries are all entities (including structured entities) over which the Company has control. Please refer to Note 14 for a list of significant subsidiaries. Intercompany transactions, balances and unrealized gains or losses on transactions between Group companies are eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the Group’s accounting policies. When the Group ceases to consolidate a subsidiary due to loss of control, the related subsidiary’s assets (including goodwill), liabilities, non-controlling interest and other components of equity are de-recognized. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. Any consideration received is recognized at fair value, and any investment retained is re-measured to its fair value, and this fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest. Any resultant gain or loss is recognized in the income statement. FOREIGN CURRENCY TRANSLATION The consolidated financial statements of the Group are presented in U.S. dollars. Each entity in the Group determines its own functional currency and amounts included in the financial statements of each entity are measured using that functional currency.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
Significant Accounting Policies That Relate To The Consolidated Financial Statements As A Whole
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS The preparation of these consolidated financial statements has required management to apply accounting policies and methodologies based on complex and subjective judgments, as well as estimates based on past experience and assumptions determined to be reasonable and realistic based on the related circumstances. The use of these judgments, estimates and assumptions affects the amounts reported in these consolidated financial statements. The final amounts for items for which estimates and assumptions were made in the consolidated financial statements may differ from those reported in these statements due to the uncertainties that characterize the assumptions and conditions on which the estimates are based. The sources of uncertainty identified by the Group are described together with the applicable Note, as follows: Significant accounting judgment / source of estimation uncertainty Described in Revenue recognition Note 3 Deferred tax assets and uncertain tax positions Note 8 Provisions and contingent liabilities Note 7 Impairment of non-current assets Note 11 Control over subsidiaries Note 14 Depreciation and amortization of non-current assets Note 12 and Note 13 Fair value of financial instruments Note 16 Sale and lease back transactions Note 12 Measurement of lease liabilities Note 16 NEW STANDARDS AND INTERPRETATIONS Adopted in 2021 During 2021, the IASB issued an amendment to IFRS 16 'Leases', providing an option to apply a practical expedient in respect of accounting for certain rent concessions arising as a direct consequence of COVID-19, such as rent holidays and temporary rent reductions. Under this amendment, which became effective in 2021, lessees are exempted from having to consider whether these rent concessions are lease modifications. The Group has chosen not to apply the practical expedient available, and will therefore account for any rent concessions as lease modifications Not yet adopted by the Group

CONDENSED SEPARATE FINANCIAL IN

CONDENSED SEPARATE FINANCIAL INFORMATION OF VEON	12 Months Ended
	Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]
CONDENSED SEPARATE FINANCIAL INFORMATION OF VEON LTD	CONDENSED SEPARATE FINANCIAL INFORMATION OF VEON LTD Certain of the consolidated entities by VEON Ltd. are restricted from remitting funds in the form of cash dividends or loans by a variety of regulations, contractual or local statutory requirements. Regulation S-X requires that condensed financial information of the registrant shall be filed when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. For purposes of the above test, restricted net assets of consolidated subsidiaries means that amount of the registrant’s proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party. The Company performed a test on the restricted net assets of consolidated subsidiaries and concluded the restricted net assets exceed 25% of the consolidated net assets of the Company as of December 31, 2021. As of December 31, 2021, VEON Ltd. had restricted net assets of 102%, compared to 390% in 2020, of total net assets. The Company is subject to legal restrictions to distribute accumulated profits from Algeria by virtue of local shareholding agreement (i.e. it is allowed only to distribute 42.5% of current year profit), and the rest is restricted. The relative change in restriction was primarily due to the impairment of our Russia and Kyrgyzstan CGU’s (refer to Note 11 ) in 2020, as well as the devaluation of exchange rates in the countries in which VEON operates (refer to Note 1 ), thus lowering the book value of consolidated net assets of the Company relative to an unchanged share of the restricted assets. Accordingly, separate condensed financial statements of VEON Ltd. have been prepared, in accordance with Rule 5-04 and Rule 12-04 of SEC Regulation S-X. The restricted net assets in Algeria have no implications on the Company’s ability to pay dividends. The separate condensed financial statements should be read in conjunction with the Company’s consolidated financial statements and the accompanying notes thereto. The separate condensed financial statements have been prepared in accordance with Title 9 of Book 2 of the Dutch Civil Code. In accordance with the provisions of Article 362, paragraph 8, Title 9 of Book 2 of the Dutch Civil Code the accounting policies used are the same as those explained in the Notes to the Consolidated Financial Statements, prepared under IFRS, except for the accounting policy disclosed below. The ‘Equity’ and ‘Profit / (loss) for the year’ shown in the separate condensed financial statements below are equal to the ‘Equity’ and ‘Profit / (loss) for the year’ which are attributable to the owners of the parent within the Company’s consolidated financial statements. Subsidiaries Subsidiaries are all entities (including intermediate subsidiaries) over which the Company has control. The Company controls an entity when it is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. Subsidiaries are recognized from the date on which control is transferred to the Company or its intermediate holding entities. They are de-recognized from the date that control ceases. Investments in subsidiaries are measured at net asset value. Net asset value is based on the measurement of assets, provisions and liabilities and determination of profit based on the principles applied in the consolidated financial statements. If the valuation of a subsidiary based on the net asset value is negative, it will be stated at nil. If and insofar as the Company can be held fully or partially liable for the debts of the subsidiary or has the firm intention of enabling the participation to settle its debts, a provision is recognized for this. Newly acquired subsidiaries are initially recognized on the basis of the fair value of their identifiable net assets at the acquisition date. For subsequent valuations, the principles that apply for these financial statements are used. The amount by which the carrying amount of the subsidiary has changed since the previous financial statements as a result of the net result achieved by the subsidiary is recognized in the income statement. Condensed statement of financial position: As of December 31 2021 2020 2019 Non-current assets Intangible assets 6 8 10 Tangible fixed assets 3 8 15 Financial fixed assets 690 138 1,152 Total non-current assets 699 154 1,177 Total current assets 119 320 393 Total assets 818 474 1,570 Equity 586 163 1,226 Total liabilities 232 311 344 Total equity and liabilities 818 474 1,570 Condensed income statement: for the years ended December 31 2021 2020 2019 Selling, general and administrative expenses (86) (101) (160) Other operating gains — — 350 Recharged expenses to group companies (11) 3 21 Operating (loss) / profit (97) (98) 211 Finance income and (costs) 2 (2) 6 Share in result of subsidiaries after tax 773 (249) 404 Income tax (4) — — Total non-operating income and expenses 772 (251) 410 Profit / (loss) for the year 674 (349) 621 Condensed statements of comprehensive income: for the years ended December 31 2021 2020 2019 Total comprehensive (loss) / profit for the year, net of tax — (800) 733 Condensed statement of cash flows: for the years ended December 31 2021 2020 2019 Net cash flows from operating activities (27) (13) (213) Investing activities Receipt of dividends — — — Receipt of capital surplus from a subsidiary (1) 317 650 Other cash flows from investing activities 3 — 101 Net cash flows used in investing activities 2 317 751 Financing activities Proceeds from borrowings net of fees paid — — — Repayment of borrowings — — — Dividends paid to equity owners of the parent — (260) (522) Share capital issued and paid — — — Net cash flows generated from/(used in) financing activities — (260) (522) Net increase (decrease) in cash and cash equivalents (25) 44 16 Net foreign exchange difference — — — Cash and cash equivalents at beginning of period 79 35 19 Cash and cash equivalents at end of period 54 79 35 As of December 31, 2021, 2020 and 2019 there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable stocks or guarantees of the Company, except for those which have been separately disclosed in the consolidated financial statements, if any. Amsterdam, April 29, 2022

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
Significant Accounting Policies That Relate To The Consolidated Financial Statements As A Whole
Revenue from contracts with customers	Revenue from contracts with customers Service revenue Service revenue includes revenue from airtime charges from contract and prepaid customers, monthly contract fees, interconnect revenue, roaming charges and charges for value added services ( “VAS” ). VAS includes short messages, multimedia messages, caller number identification, call waiting, data transmission, mobile internet, downloadable content, mobile finance services, machine-to-machine and other services. The content revenue relating to VAS is presented net of related costs when VEON’s performance obligation is to arrange the provision of the services by another party (VEON acts as an agent), and gross when VEON is primarily responsible for fulfilling the obligation to provide such services to the customer. Revenue for services with a fixed term, including fixed-term tariff plans and monthly subscriptions, is recognized on a straight-line basis over time. For pay-as-you-use plans, in which the customer is charged based on actual usage, revenue is recognized on a usage basis. Some tariff plans allow customers to rollover unused services to the following period. For such tariff plans, revenue is generally recognized on a usage basis. For contracts which include multiple service components (such as voice, text, data), revenue is allocated based on stand-alone selling price of each performance obligation. The stand-alone selling price for these services is usually determined with reference to the price charged per service under a pay-as-you-use plan to similar customers. Upfront fees, including activation or connection fees, are recognized on a straight-line basis over the contract term. For contracts with an indefinite term (for example, prepaid contracts), revenue from upfront fees is recognized over the average customer life. Revenue from other operators, including interconnect and roaming charges, is recognized based on the price specified in the contract, net of any estimated retrospective volume discounts. Accumulated experience is used to estimate and provide for the discounts. All service revenue is recognized over time as services are rendered. Sale of equipment and accessories Equipment and accessories are usually sold to customers on a stand-alone basis, or together with service bundles. Where sold together with service bundles, revenue is allocated pro-rata, based on the stand-alone selling price of the equipment and the service bundle. The vast majority of equipment and accessories sales pertain to mobile handsets and accessories. Revenue for mobile handsets and accessories is recognized when the equipment is sold to a customer, or, if sold via an intermediary, when the intermediary has taken control of the device and the intermediary has no remaining right of return. Revenue for fixed-line equipment is not recognized until installation and testing of such equipment are completed and the equipment is accepted by the customer.
Contract balances	Contract balances Receivables and contract assets mostly relate to amounts due from other operators and postpaid customers. Contract assets, often referred to as ‘Unbilled receivables,’ are transferred to Receivables when the rights become unconditional, which usually occurs when the Group issues an invoice to the customer. Contract liabilities, often referred to as ‘Deferred revenue’, relate primarily to non-refundable cash received from prepaid customers for fixed-term tariff plans or pay-as-you-use tariff plans. Contract liabilities are presented as ‘Long-term deferred revenue’, ‘Short-term deferred revenue’ and ‘Customer advances’ in Note 6
Customer acquisition costs	Customer acquisition costs Certain incremental costs incurred in acquiring a contract with a customer ( “customer acquisition costs” ) are deferred in the consolidated statement of financial position, within 'Other assets' (see Note 6 ). Such costs generally relate to commissions paid to third-party dealers and are amortized on a straight-line basis over the average customer life within ‘Selling, general and administrative expenses’. Customer associated costs relate primarily to commissions paid to third-party dealers and marketing expenses. Certain dealer commissions are initially capitalized in the consolidated statement of financial position and subsequently amortized within "Customer associated costs", see Note 3
Trade and other receivables	Trade and other receivables Trade and other receivables are measured at amortized cost and include invoiced amounts less expected credit losses.
Expected credit losses	Expected credit losses The expected credit loss allowance ( “ECL” ) is recognized for all receivables measured at amortized cost at each reporting date. This means that an ECL is recognized for all receivables even though there may not be objective evidence that the trade receivable has been impaired.
Provisions	Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are discounted using a current pre-tax rate if the time value of money is significant. Contingent liabilities are possible obligations arising from past events, whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group.
Contingent liabilities	SOURCE OF ESTIMATION UNCERTAINTYThe Group is involved in various legal proceedings, disputes and claims, including regulatory discussions related to the Group’s business, licenses, tax positions and investments, and the outcomes of these are subject to significant uncertainty. Management evaluates, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. Unanticipated events or changes in these factors may require the Group to increase or decrease the amount recorded for a matter that has not been previously recorded because it was not considered probable.
Income taxes	Income taxes Income tax expense represents the aggregate amount determined on the profit for the period based on current tax and deferred tax. In cases where the tax relates to items that are charged to other comprehensive income or directly to equity, the tax is also charged respectively to other comprehensive income or directly to equity.
Uncertain tax positions	Uncertain tax positions The Group’s policy is to comply with the applicable tax regulations in the jurisdictions in which its operations are subject to income taxes. The Group’s estimates of current income tax expense and liabilities are calculated assuming that all tax computations filed by the Company’s subsidiaries will be subject to a review or audit by the relevant tax authorities. Uncertain tax positions are generally assessed individually, using the most likely outcome method. The Company and the relevant tax authorities may have different interpretations of how regulations should be applied to actual transactions (refer below for details regarding risks and uncertainties).
Deferred taxation	Deferred taxation Deferred taxes are recognized using the liability method and thus are computed as the taxes recoverable or payable in future periods in respect of deductible or taxable temporary differences between the tax bases of assets and liabilities and their carrying amounts in the Company’s financial statements.
Property and equipment	Property and equipment is stated at cost, net of any accumulated depreciation and accumulated impairment losses. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. The useful of life of VEON's assets generally fall within the following ranges: Class of property and equipment Useful life Telecommunication equipment 3 – 20 years Buildings and constructions 10 – 50 years Office and other equipment 3 – 10 years Right-of-use assets Equivalent lease term
Schedule of information for cash-generating units	The Group has significant investments in property and equipment, intangible assets, and goodwill. Estimating recoverable amounts of assets and CGUs must, in part, be based on management’s evaluations, including the determination of the appropriate CGUs, the relevant discount rate, estimation of future performance, the revenue-generating capacity of assets, timing and amount of future purchases of property and equipment, assumptions of future market conditions and the long-term growth rate into perpetuity (terminal value). In doing this, management needs to assume a market participant perspective. Changing the assumptions selected by management, in particular, the discount rate and growth rate assumptions used to estimate the recoverable amounts of assets, could significantly impact the Group’s impairment evaluation and hence results. A significant part of the Group’s operations is in countries with emerging markets. The political and economic situation in these countries may change rapidly and recession may potentially have a significant impact on these countries. On-going recessionary effects in the world economy and increased macroeconomic risks impact our assessment of cash flow forecasts and the discount rates applied. There are significant variations between different markets with respect to growth, mobile penetration, average revenue per user ( “ARPU”
Intangible assets	Intangible assets acquired separately are carried at cost less accumulated amortization and impairment losses. Intangible assets with a finite useful life are generally amortized with the straight-line method over the estimated useful life of the intangible asset. The amortization period and the amortization method for intangible assets with finite useful lives are reviewed at least annually and fall within the following ranges: Class of intangible asset Useful life Telecommunications licenses, frequencies and permissions 3 - 20 years Software 3 - 10 years Brands and trademarks 3 - 15 years Customer relationships 10 - 21 years Other intangible assets 4 - 10 years
Goodwill	Goodwill is recognized for the future economic benefits arising from net assets acquired that are not individually identified and separately recognized. Goodwill is not amortized but is tested for impairment annually and as necessary when circumstances indicate that the carrying value may be impaired, see Note 11
Control over subsidiaries	Control over subsidiaries Subsidiaries, which are those entities over which the Company is deemed to have control, are consolidated. In certain circumstances, significant judgment is required to assess if the Company is deemed to have control over entities where the Company’s ownership interest does not exceed 50%. The Group has concluded that it controls Omnium Telecom Algérie S.p.A and Optimum Telecom Algeria S.p.A even though its subsidiary, Global Telecom Holding S.A.E. owned less than 50% of the ordinary shares. This is because the Company can exercise operational control through terms of a shareholders’ agreement. Our partner in Algeria can acquire our shares at fair market value under call option arrangements exercisable solely at its discretion between October 1, 2021 and December 31, 2021. Concurrently, we have a right to require our partner in Algeria to acquire our shares under put option arrangements exercisable solely at our discretion between July 1, 2021 and September 30, 2021. On July 1, 2021 VEON exercised its put option to sell the entirety of its 45.57% stake in its Algerian subsidiary, Omnium Telecom Algerie SpA (Algeria) to the Fonds National d'Investissement (FNI). Both option arrangements did not have any impact on our ability to consolidate Omnium Telecom Algérie S.p.A and Optimum Telecom Algeria S.p.A.
Put options over non-controlling interest	Put options over non-controlling interest Put options over non-controlling interest of a subsidiary are accounted for as financial liabilities in the Company’s consolidated financial statements. The put-option redemption liability is measured at the discounted redemption amount. Interest over the put-option redemption liability will accrue in line with the effective interest rate method, until the options have been exercised or are expired.
Derivative contracts	Derivative contracts VEON enters into derivative contracts, including swaps and forward contracts, to manage certain foreign currency and interest rate exposures. Any derivative instruments for which no hedge accounting is applied are recorded at fair value with any fair value changes recognized directly in profit or loss. Although some of the derivatives entered into by the Company have not been designated in hedge accounting relationships, they act as economic hedges and offset the underlying transactions when they occur.
Hedges of a net investment	Hedges of a net investment The Company applies net investment hedge accounting to mitigate foreign currency translation risk related to the Company’s investments in foreign operations. The portion of the gain or loss on the hedging instrument that is determined to be an effective hedge is recognized in other comprehensive income within the “Foreign currency translation” line item. Where the hedging instrument’s foreign currency retranslation is greater (in absolute terms) than that of the hedged item, the excess amount is recorded in profit or loss as ineffectiveness. The gain or loss on the hedging instrument relating to the effective portion of the hedge that has been recognized in other comprehensive income shall be reclassified from equity to profit or loss as a reclassification adjustment on the disposal or partial disposal of the foreign operation. Cash flows arising from derivative instruments for which hedge accounting is applied are reported in the statement of cash flows within the line item where the underlying cash flows of the hedged item are recorded.
Fair value of financial instruments	Fair value of financial instruments All financial assets and liabilities are measured at amortized cost, except those which are measured at fair value as presented within this Note.
Measurement of lease liabilities	Measurement of lease liabilities Lease liabilities are measured upon initial recognition at the present value of the future lease and related fixed services payments over the lease term, discounted with the country specific incremental borrowing rate as the rate implicit in the lease is generally not available. Subsequently lease liabilities are measured at amortized cost using the effective interest rate method. A significant portion of the lease contracts included within Company’s lease portfolio includes lease contracts which are extendable through mutual agreement between VEON and the lessor, or lease contracts which are cancellable by the Company immediately or on short notice. The Company includes these cancellable future lease periods within the assessed lease term, which increases the future lease payments used in determining the lease liability upon initial recognition, except when it is not reasonably certain at the commencement of the lease that these will be exercised.
Basis of preparation	BASIS OF PREPARATION These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ( “IFRS” ) as issued by the International Accounting Standards Board, effective at the time of preparing the consolidated financial statements and applied by VEON. The consolidated income statement has been presented based on the nature of the expense, other than ‘Selling, general and administrative expenses’, which has been presented based on the function of the expense.
Basis of consolidation	BASIS OF CONSOLIDATION The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Subsidiaries are all entities (including structured entities) over which the Company has control. Please refer to Note 14 for a list of significant subsidiaries. Intercompany transactions, balances and unrealized gains or losses on transactions between Group companies are eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the Group’s accounting policies.
Foreign currency translation	FOREIGN CURRENCY TRANSLATION The consolidated financial statements of the Group are presented in U.S. dollars. Each entity in the Group determines its own functional currency and amounts included in the financial statements of each entity are measured using that functional currency.
Changes in accounting policies and disclosures, new standards, interpretations, and amendments not yet adopted by the group	NEW STANDARDS AND INTERPRETATIONS Adopted in 2021 During 2021, the IASB issued an amendment to IFRS 16 'Leases', providing an option to apply a practical expedient in respect of accounting for certain rent concessions arising as a direct consequence of COVID-19, such as rent holidays and temporary rent reductions. Under this amendment, which became effective in 2021, lessees are exempted from having to consider whether these rent concessions are lease modifications. The Group has chosen not to apply the practical expedient available, and will therefore account for any rent concessions as lease modifications Not yet adopted by the Group

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of operating segments [abstract]
Summary of reportable segments financial information	Financial information by reportable segment for the periods ended December 31 is presented in the following tables. Inter-segment transactions are not material and are made on terms which are comparable to transactions with third parties. Total revenue Adjusted EBITDA CAPEX excl licenses and ROU 2021 2020 2019 2021 2020 2019 2021 2020 2019 Russia 3,950 3,819 4,481 1,476 1,504 1,957 1,019 1,017 976 Pakistan 1,408 1,233 1,321 643 612 669 318 249 213 Ukraine 1,055 933 870 704 630 572 203 179 156 Kazakhstan 569 479 486 307 265 270 134 119 108 Uzbekistan 194 198 258 89 68 136 34 52 53 Bangladesh 564 537 537 235 228 222 89 126 82 Others 81 125 172 41 22 63 25 33 38 HQ and eliminations (33) (33) (36) (162) (178) (28) 3 19 7 Total 7,788 7,291 8,089 3,333 3,151 3,861 1,825 1,794 1,633
Summary of segments reconciliation of consolidated Adjusted EBITDA to consolidated income statement before tax	The following table provides the reconciliation of consolidated Profit / (loss) before tax from continuing operations to Adjusted EBITDA for the years ended December 31: 2021 2020 2019 Profit / (loss) before tax from continuing operations 908 (82) 1,044 Depreciation 1,545 1,432 1,512 Amortization 308 310 333 Impairment loss / (reversal) 20 784 108 (Gain) / loss on disposal of non-current assets 17 36 44 (Gain) / loss on disposal of subsidiaries (101) 78 (1) Finance costs 690 673 876 Finance income (16) (23) (52) Other non-operating (gain) / loss (34) (111) (21) Net foreign exchange (gain) / loss (4) 54 18 Total Adjusted EBITDA 3,333 3,151 3,861

OPERATING REVENUE (Tables)

OPERATING REVENUE (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue [abstract]
Disaggregation of revenue from contracts with customers	The table below provides a breakdown of revenue from contracts with customers for the years ended December 31. In 2020, the Company presented ‘Service revenue’ (Mobile and Fixed) separately from ‘Sale of equipment and accessories’ and ‘Other revenue’, for each reportable segment. Service revenue Sale of Equipment and accessories Other revenue Total revenue Mobile Fixed 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Russia 2,916 2,917 3,485 552 523 539 472 366 446 10 13 11 3,950 3,819 4,481 Pakistan 1,285 1,134 1,229 — — — 18 11 6 105 88 86 1,408 1,233 1,321 Ukraine 980 869 812 68 59 52 — — — 7 5 6 1,055 933 870 Kazakhstan 459 392 379 91 78 66 17 7 2 2 2 39 569 479 486 Uzbekistan 193 196 255 1 1 2 — — — — 1 1 194 198 258 Bangladesh 553 527 525 — — — — — 1 11 10 11 564 537 537 Others 81 102 135 — 19 27 — 4 8 — — 2 81 125 172 HQ and eliminations (15) (31) (34) (17) — — 1 — — (2) (2) (2) (33) (33) (36) Total 6,452 6,106 6,786 695 680 686 508 388 463 133 117 154 7,788 7,291 8,089
Summary of breakdown of contract balances	The following table provides a breakdown of contract balances and capitalized customer acquisition costs. December 31, 2021 December 31, 2020 Contract balances Receivables (billed) 789 728 Receivables (unbilled) 49 41 Contract liabilities (232) (233) Capitalized costs Customer acquisition costs 149 128
Summary of capitalized customer acquisition costs	The following table provides a breakdown of contract balances and capitalized customer acquisition costs. December 31, 2021 December 31, 2020 Contract balances Receivables (billed) 789 728 Receivables (unbilled) 49 41 Contract liabilities (232) (233) Capitalized costs Customer acquisition costs 149 128

SELLING, GENERAL AND ADMINIST_2

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2021
Selling, general and administrative expense [abstract]
Schedule of selling, general and administrative expenses	Selling, general and administrative expenses consisted of the following items for the years ended December 31: 2021 2020 2019 Network and IT costs 764 727 723 Personnel costs 792 750 808 Customer associated costs 654 602 658 Losses on receivables 28 56 54 Taxes, other than income taxes 81 55 153 Other 260 242 340 Total selling, general and administrative expenses 2,579 2,432 2,736

TRADE AND OTHER RECEIVABLES (Ta

TRADE AND OTHER RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2021
Trade and other current receivables [abstract]
Schedule of trade and other receivables	Trade and other receivables consisted of the following items as of December 31 : 2021 2020 Trade receivables (gross)* 838 769 Expected credit losses** (159) (225) Trade receivables (net) 679 544 Other receivable, net of expected credit losses allowance 11 28 Total trade and other receivables 690 572 * Includes contract assets (unbilled receivables), see Note 3 for further details ** Certain comparative amounts have been reclassified, refer to Note 24 for further details.
Schedule of movements in the allowance for expected credit losses	The following table summarizes the movement in the allowance for expected credit losses for the years ended December 31: 2021 2020 Balance as of January 1 225 198 Accruals for expected credit losses 35 76 Recoveries (9) (13) Accounts receivable written off (28) (17) Reclassification as held for sale (56) — Foreign currency translation adjustment (4) (19) Other movements (4) — Balance as of December 31 159 225
Schedule of aging of trade receivables	Set out below is the information about the Group’s trade receivables (including contract assets) using a provision matrix: Days past due Contract assets Current < 30 days Between 31 and 120 days > 120 days Total December 31, 2021 Expected loss rate, % 0.0 % 1.8 % 3.6 % 33.3 % 95.7 % Trade receivables 49 550 56 45 138 838 Expected credit losses — (10) (2) (15) (132) (159) Trade receivables, net 49 540 54 30 6 679 December 31, 2020 Expected loss rate, % 1.0 % 1.3 % 13.6 % 88.9 % 100.0 % Trade receivables 41 468 44 27 189 769 Expected credit losses — (6) (6) (24) (189) (225) Trade receivables, net 41 462 38 3 — 544

OTHER ASSETS AND LIABILITIES (T

OTHER ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Other Assets And Liabilities
Schedule of other non-current assets	Other assets consisted of the following items as of December 31: 2021 2020 Other non-current assets Customer acquisition costs (see Note 3) 149 128 Tax advances (non-income tax) 33 33 Other non-financial assets 34 18 Total other non-current assets 216 179 Other current assets Advances to suppliers 102 91 Input value added tax 160 159 Prepaid taxes 24 43 Other assets 58 42 Total other current assets 344 335
Schedule of other current assets	Other assets consisted of the following items as of December 31: 2021 2020 Other non-current assets Customer acquisition costs (see Note 3) 149 128 Tax advances (non-income tax) 33 33 Other non-financial assets 34 18 Total other non-current assets 216 179 Other current assets Advances to suppliers 102 91 Input value added tax 160 159 Prepaid taxes 24 43 Other assets 58 42 Total other current assets 344 335
Schedule of other non-current liabilities	Other liabilities consisted of the following items as of December 31: 2021 2020 Other non-current liabilities Long-term deferred revenue (see Note 3) 20 17 Other liabilities 16 11 Total other non-current liabilities 36 28 Other current liabilities Taxes payable (non-income tax) 318 372 Short-term deferred revenue (see Note 3) 154 158 Customer advances (see Note 3) 58 58 Other payments to authorities 52 95 Due to employees 153 168 Other liabilities 38 32 Total other current liabilities 773 883
Schedule of other current liabilities	Other liabilities consisted of the following items as of December 31: 2021 2020 Other non-current liabilities Long-term deferred revenue (see Note 3) 20 17 Other liabilities 16 11 Total other non-current liabilities 36 28 Other current liabilities Taxes payable (non-income tax) 318 372 Short-term deferred revenue (see Note 3) 154 158 Customer advances (see Note 3) 58 58 Other payments to authorities 52 95 Due to employees 153 168 Other liabilities 38 32 Total other current liabilities 773 883

PROVISIONS AND CONTINGENT LIA_2

PROVISIONS AND CONTINGENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of other provisions [abstract]
Schedule of movement in provisions	The following table summarizes the movement in provisions for the years ended December 31: Non-income tax provisions Decommi-ssioning provision Legal provision Other provisions Total As of January 1, 2020 126 138 26 70 360 Arising during the year 24 10 — 1 35 Utilized (48) (1) — (22) (71) Unused amounts reversed (10) — (3) (6) (19) Transfer and reclassification — — — — — Discount rate adjustment and imputed interest (change in estimate) — 9 — — 9 Translation adjustments and other (6) (15) (1) — (22) As of December 31, 2020 86 141 22 43 292 Non-current — 141 — — 141 Current 86 — 22 43 151 As of January 1, 2021 86 141 22 43 292 Arising during the year 19 31 4 13 67 Utilized (12) (1) — — (13) Unused amounts reversed 1 (19) (1) (58) (77) Reclassification as held for sale — (69) (12) — (81) Transfer and reclassification — — — — — Discount rate adjustment and imputed interest (change in estimate) — 7 — — 7 Translation adjustments and other (6) (3) 1 9 1 As of December 31, 2021 88 87 14 7 196 Non-current — 87 — — 87 Current 88 — 14 7 109

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
Major components of tax expense (income) [abstract]
Summary of income tax payables	Current income tax payable consisted of the following items as of December 31: 2021 2020 Current tax payable 70 30 Uncertain tax provisions 158 145 Total income tax payable 228 175
Summary of income tax expense	Income tax expense consisted of the following for the years ended December 31: 2021 2020 2019 Current income taxes Current year 300 374 439 Adjustments in respect of previous years 43 (1) 5 Total current income taxes 343 373 444 Deferred income taxes Movement of temporary differences and losses* (65) (71) (16) Changes in tax rates — — (1) Changes in recognized deferred tax assets — 2 39 Adjustments in respect of previous years (22) 9 3 Other 2 — (7) Total deferred tax expense / (benefit) (85) (60) 18 Income tax expense 258 313 462 * In 2021, a tower sale and subsequent lease transaction took place for which a deferred tax asset of US$146 was recorded in relation to the lease liability and a deferred tax liability of US$23 was recorded in relation to the Right of Use asset.
Summary of reconciliation between statutory and effective income tax	The table below outlines the reconciliation between the statutory tax rate in the Netherlands (25%) and the effective income tax rates for the Group, together with the corresponding amounts, for the years ended December 31: 2021 2020 2019 Explanatory notes Profit / (loss) before tax from continuing operations 908 (82) 1,044 Income tax benefit / (expense) at statutory tax rate (25%) (227) 21 (261) Difference due to the effects of: Different tax rates in different jurisdictions 7 (28) 21 Certain jurisdictions in which VEON operates have income tax rates which are Non-deductible expenses (44) (209) (90) The Group incurs certain expenses which are non-deductible in the relevant jurisdictions. In 2021, such expenses mainly include intra-group expenses (i.e. interest on internal loans), certain non-income tax charges (i.e. minimum tax regimes) and other. In 2020, as in previous years, such expenses include impairment losses (unless resulting in a change in temporary differences), certain non-income tax charges (i.e. minimum tax regimes) and intra-group expenses (i.e. interest on internal loans). Non-taxable income 198 37 5 The Group earns certain income which is non-taxable in the relevant jurisdiction. In 2021, non-taxable income included gain from sale of NTC Tower company. In 2020, non-taxable income included the revaluation of contingent consideration liability, as well as a gain relating to the settlement in connection with the dispute concerning the sale of Telecel Globe Limited. For further details, refer to Note 16 and Note 7 , respectively. Adjustments in respect of previous years (21) (3) (49) In 2021, adjustments mainly relates to corrections in prior year filings in Pakistan, as part of the Alternative Dispute Resolution Committee (“ADRC”) process. The effect of prior years’ adjustments relates to various updated tax positions. Movements in (un)recognized deferred tax assets (76) (89) (13) Movements in (un)recognized deferred tax assets are primarily caused by tax losses and other credits for which no deferred tax asset has been recognized. This primarily occurs in holding entities in the Netherlands (2021: US$73, 2020: US$101, 2019: US$42) and in GTH (2021: US$(5)), 2020: US$—, 2019: US$43. Withholding taxes (73) (56) (50) Withholding taxes are recognized to the extent that dividends from foreign operations Uncertain tax positions (21) (1) 6 The tax legislation in the markets in which VEON operates is unpredictable and gives Change in income tax rate — — 1 Changes in tax rates impact the valuation of existing temporary differences. The Other (1) 15 (32) In 2019, the Group recorded an increase in income tax liabilities of as a result of the settlement with the Egyptian Tax Authority for outstanding tax liabilities for GTH. Refer to Note 7 for further details. Income tax benefit / (expense) (258) (313) (462) Effective tax rate 28.4 % -381.7 % 44.3 %
Schedule of deferred tax assets and liabilities in the statement of financial position	The Group reported the following deferred tax assets and liabilities in the statement of financial position as of December 31: 2021 2020 Deferred tax assets 228 186 Deferred tax liabilities (115) (127) Net deferred tax position 113 59
Summary of movements of deferred tax assets and liabilities	The following table shows the movements of net deferred tax positions in 2021: Movement in deferred taxes Opening balance Net income statement movement Held for sale Other movements Closing balance Property and equipment (274) 125 7 42 (100) Intangible assets (14) 33 19 (2) 36 Trade receivables 43 7 (15) (3) 32 Provisions 28 2 (6) (7) 17 Accounts payable 140 7 (23) (34) 90 Withholding tax on undistributed earnings (60) (39) — 1 (98) Tax losses and other balances carried forwards 2,221 35 — (64) 2,192 Non-recognized deferred tax assets (2,025) (88) — 49 (2,064) Other — 3 — 5 8 Net deferred tax positions 59 85 (18) (13) 113 In 2021, a tower sale and subsequent lease transaction took place for which a deferred tax asset of US$146 was recorded in relation to the lease liability and a deferred tax liability of US$23 was recorded in relation to the Right of Use asset. The following table shows the movements of net deferred tax positions in 2020: Movement in deferred taxes Opening balance Net income statement movement Other movements Closing balance Property and equipment (288) (23) 37 (274) Intangible assets (38) 19 5 (14) Trade receivables 47 1 (5) 43 Provisions 31 1 (4) 28 Accounts payable 156 7 (23) 140 Withholding tax on undistributed earnings (52) (8) — (60) Tax losses and other balances carried forwards 2,026 113 82 2,221 Non-recognized deferred tax assets (1,894) (46) (85) (2,025) Other 5 (4) (1) — Net deferred tax positions (7) 60 6 59
Summary of amount and expiry date of deductible temporary differences, unused tax losses and other carry forwards	VEON recognizes a deferred tax asset for unused tax losses and other credits carried forwards, to the extent that it is probable that the deferred tax asset will be utilized. The amount and expiry date of unused tax losses and other carry forwards for which no deferred tax asset is recognized are as follows: As of December 31, 2021 0-5 years 6-10 years More than 10 years Indefinite Total Tax losses expiry Recognized losses (15) — — (174) (189) Recognized DTA 3 — — 50 53 Non-recognized losses — — (707) (8,553) (9,260) Non-recognized DTA — — 131 1,796 1,927 Other credits carried forwards expiry Recognized credits (2) (73) — — (75) Recognized DTA 2 73 — — 75 Non-recognized credits — — — (567) (567) Non-recognized DTA — — — 137 137 As of December 31, 2020 0-5 years 6-10 years More than 10 years Indefinite Total Tax losses expiry Recognized losses — (107) — (172) (279) Recognized DTA — 27 — 49 76 Non-recognized losses (1,546) (1,006) — (6,660) (9,212) Non-recognized DTA 387 252 — 1,272 1,911 Other credits carried forwards expiry Recognized credits (19) (102) — — (121) Recognized DTA 19 102 — — 121 Non-recognized credits — — — (492) (492) Non-recognized DTA — — — 115 115

SIGNIFICANT TRANSACTIONS (Table

SIGNIFICANT TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2021
Significant Transactions
Schedule of assets and liabilities disposed of relating to NTC	The following table shows the assets and liabilities disposed of relating to NTC on December 1, 2021: 2021 Property and equipment 264 Goodwill 222 Other current assets 24 Total assets disposed 510 Non-current liabilities 127 Current liabilities 23 Total liabilities disposed 150

HELD FOR SALE AND DISCONTINUE_2

HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2021
Held For Sale and Discontinued Operations [Abstract]
Schedule of assets and liabilities held for sale	The following table provides the details over assets and liabilities classified as held-for-sale as of December 31, 2021: Assets held-for-sale Liabilities held-for-sale Algeria 1,846 391 Other individual assets 18 — Total assets and liabilities held for sale 1,864 391 The following table shows the assets and liabilities classified as held-for-sale relating to Algeria as of December 31, 2021: 2021 Property and equipment 527 Intangible assets excl. goodwill 111 Goodwill 1,001 Deferred tax assets 35 Other current assets 172 Total assets held for sale 1,846 Non-current liabilities 106 Current liabilities 285 Total liabilities held for sale 391
Schedule of profit (loss) and other comprehensive income held-for-sale	The following table shows the profit/(loss) and other comprehensive income relating to Algeria operations for the period ended December 31, 2021: Income statement and statement of comprehensive income 2021 2020 Operating revenue 659 689 Operating expenses (470) (564) Other expenses (17) (17) Profit / (loss) before tax for the period 172 108 Income tax benefit / (expense) (21) (29) Profit / (loss) after tax for the period 151 79 Other comprehensive income / (loss)* (68) (157) Total comprehensive income / (loss) 83 (78) *Other comprehensive income is relating to the foreign currency translation.

IMPAIRMENT OF ASSETS (Tables)

IMPAIRMENT OF ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of impairment loss and reversal of impairment loss [abstract]
Schedule of total amount of the impairment loss allocated to the carrying amounts of assets	Property and equipment Intangible assets Goodwill Other Total impairment 2021 Kyrgyzstan 12 5 — 2 19 Russia (7) — — — (7) Other 8 — — — 8 13 5 — 2 20 Property and equipment Intangible assets Goodwill Other Total impairment 2020 Russia — — 723 — 723 Kyrgyzstan 38 8 — 18 64 Other 5 — — (7) (2) 43 8 723 11 785 Property and equipment Intangible assets Goodwill Other Total impairment 2019 Kyrgyzstan 33 3 54 — 90 Other 18 — — — 18 51 3 54 — 108
Schedule of key assumptions used in fair value less costs of disposal calculations	The tables below show key assumptions used in fair value less costs of disposal calculations for CGUs with material goodwill or those CGUs for which an impairment has been recognized. Discount rates Discount rates are initially determined in US dollars based on the risk-free rate for 20-year maturity bonds of the United States Treasury, adjusted for a risk premium to reflect both the increased risk of investing in equities and the systematic risk of the specific CGU relative to the market as a whole. The equity market risk premium is sourced from independent market analysts. The systematic risk, beta, represents the median of the raw betas of the entities comparable in size and geographic footprint with the ones of the Company ( “Peer Group” ). The debt risk premium is based on the median of Standard & Poor’s long-term credit rating of the Peer Group. The weighted average cost of capital is determined based on target debt-to-equity ratios representing the median historical five The discount rate in functional currency of a CGU is adjusted for the long-term inflation forecast of the respective country in which the business operates, as well as applicable country risk premium. Discount rate 2021 2020 2019 Russia 9.3 % 10.1 % 9.1 % Algeria** — % 11.6 % 10.4 % Pakistan 14.7 % 18.2 % 14.5 % Kazakhstan 9.4 % 10.3 % 9.2 % Kyrgyzstan * — — % 14.1 % Uzbekistan 11.8 % 13.8 % 14.5 % * In 2020, VEON fully impaired the carrying value of all operating assets of Kyrgyzstan, therefore discount rate was not determined **In 2021 no parameters were estimated for Algeria as it was classified as held for sale and discontinued operation, please refer to N ote 10 Revenue growth rates The revenue growth rates during the forecast period vary based on numerous factors, including size of market, GDP (Gross Domestic Product), foreign currency projections, traffic growth, market share and others. A long‑term growth rate into perpetuity is estimated based on a percentage that is lower than or equal to the country long-term inflation forecast, depending on the CGU. Average annual revenue growth rate during forecast period Terminal growth rate 2021 2020 2019 2021 2020 2019 Russia 4.6 % 4.3 % 1.4 % 1.6 % 1.8 % 1.6 % Algeria** — % 4.3 % 1.0 % — % 1.0 % 1.0 % Pakistan 6.4 % 9.7 % 3.9 % 5.5 % 5.8 % 2.7 % Kazakhstan 6.6 % 5.3 % 5.3 % 1.0 % 3.1 % 3.3 % Kyrgyzstan * — — % 1.6 % — — % 5.0 % Uzbekistan 3.7 % 3.2 % 4.1 % 3.0 % 5.1 % 6.0 % * In 2020, VEON fully impaired the carrying value of all operating assets of Kyrgyzstan, therefore revenue growth rates were not determined **In 2021 no parameters were estimated for Algeria as it was classified as held for sale and discontinued operation, please refer to Note 10 Operating margin The Compan y estimates operating margin based on pre-IFRS 16 Adjusted EBITDA divided by Total Operating Revenue for each CGU and each future year. The forecasted operating margin is based on the budget and forecast calculations and assumes cost optimization initiatives which are part of on-going operations, as well as regulatory and technological changes known to date, such as telecommunication license issues and price regulation among others. Average operating margin during the forecast period Terminal period operating margin 2021 2020 2019 2021 2020 2019 Russia 33.1 % 31.2 % 34.7 % 35.5 % 35.7 % 34.5 % Algeria** — % 39.9 % 42.6 % — % 40.4 % 43.1 % Pakistan 43.4 % 42.0 % 47.3 % 42.0 % 44.6 % 47.3 % Kazakhstan 48.8 % 49.5 % 49.9 % 47.0 % 50.0 % 50.1 % Kyrgyzstan * — — % 31.4 % — — % 33.0 % Uzbekistan 40.9 % 34.0 % 51.4 % 34.0 % 34.0 % 52.4 % * In 2020, VEON fully impaired the carrying value of all operating assets of Kyrgyzstan, therefore operating margin assumptions were not determined **In 2021 no parameters were estimated for Algeria as it was classified as held for sale and discontinued operation, please refer to Note 10 CAPEX CAPEX is defined as purchases of property and equipment and intangible assets excluding licenses, goodwill and right-of-use assets. The cash flow forecasts for capital expenditures are based on the budget and forecast calculations and include the network roll-outs plans and license requirements. The cash flow forecasts for license and spectrum payments for each operating company for the initial five years include amounts for expected renewals and newly available spectrum. Beyond that period, a long-run cost of spectrum is assumed. Payments for right-of-use assets are considered in the operating margin as described above. Average CAPEX as a percentage of revenue during the forecast period Terminal period CAPEX as a percentage of revenue 2021 2020 2019 2021 2020 2019 Russia 25.5 % 27.9 % 19.9 % 21.0 % 21.0 % 18.5 % Algeria** — % 15.2 % 12.5 % — % 14.0 % 12.0 % Pakistan 22.0 % 19.6 % 17.2 % 20.0 % 18.9 % 17.1 % Kazakhstan 19.9 % 19.8 % 20.0 % 20.0 % 19.0 % 19.5 % Kyrgyzstan * — — % 26.9 % — — % 20.0 % Uzbekistan 20.2 % 21.4 % 19.4 % 21.0 % 21.0 % 20.1 % * In 2020, VEON fully impaired the carrying value of all operating assets of Kyrgyzstan, therefore CAPEX assumptions were not determined **In 2021 no parameters were estimated for Algeria as it was classified as held for sale and discontinued operation, please refer to Note 10

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2021
Property, plant and equipment [abstract]
Schedule of property and equipment	The following table summarizes the movement in the net book value of property and equipment for the years ended December 31: Net book value Telecomm-unications equipment Land, Office and other equipment Equipment not installed and assets under construction Right-of-use assets Total As of January 1, 2020 4,306 216 417 416 1,985 7,340 Additions 47 2 32 1,626 446 2,153 Disposals (50) (5) (10) (12) (14) (91) Depreciation charge for the year (1,009) (28) (123) — (416) (1,576) Impairment (28) (1) (2) (7) (5) (43) Transfers 1,282 5 111 (1,396) (2) — Translation adjustment (498) (30) (57) (59) (260) (904) As of December 31, 2020 4,050 159 368 568 1,734 6,879 Additions 50 3 18 1,559 712 2,342 Disposals* (198) (1) (5) (7) (100) (311) Depreciation charge for the year (990) (22) (124) — (409) (1,545) Reclassification as held for sale (367) (6) (9) (42) (80) (504) Impairment (12) — (2) 3 (2) (13) Transfers 1,428 16 182 (1,619) (2) 5 Translation adjustment (101) 2 (6) (11) (20) (136) As of December 31, 2021 3,860 151 422 451 1,833 6,717 Cost 11,233 374 1,428 553 2,864 16,452 Accumulated depreciation and impairment (7,373) (223) (1,006) (102) (1,031) (9,735) *This includes disposal of NTC as explained in Note 9 .
Schedule of movements in net book value of right-of-use assets	The following table summarizes the movement in the net book value of right-of-use assets ( "ROU" ) for the year ended December 31: Net book value ROU - Telecommunications Equipment ROU - Land, Buildings and Constructions ROU - Office and Other Equipment Total As of January 1, 2020 1,638 344 3 1,985 Additions 339 102 5 446 Disposals (14) — — (14) Depreciation charge for the year (309) (105) (2) (416) Impairment (1) (4) — (5) Transfers — (2) — (2) Translation adjustment (217) (42) (1) (260) As of December 31, 2020 1,436 293 5 1,734 Additions 642 65 5 712 Disposals (100) — — (100) Depreciation charge for the year (320) (86) (3) (409) Reclassification as held for sale (71) (9) — (80) Impairment — (2) — (2) Transfers (4) 2 — (2) Translation adjustment (16) (3) (1) (20) As of December 31, 2021 1,567 260 6 1,833 Cost 2,334 518 12 2,864 Accumulated depreciation and impairment (767) (258) (6) (1,031)
Schedule of capital commitments for the future purchase of equipment	Capital commitments for the future purchase of equipment are as follows as of December 31: 2021 2020 Less than 1 year 709 747 Between 1 and 5 years 62 19 More than 5 years 198 — Total commitments 969 766 The above table for 2021 includes future lease commitments relating to the lease agreements between Russia and NTC (Less than 1 year: US$4, Between 1 and 5 years: US$61 and More than 5 years: US$198). For further details on this transaction, refer to Note 9 (Agreement between VEON and Service Telecom regarding the Sale of its Russian tower assets). Capital commitments for the future purchase of intangible assets are as follows as of December 31: 2021 2020 Less than 1 year 58 31 Total commitments 58 31
Schedule of estimated useful lives	Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. The useful of life of VEON's assets generally fall within the following ranges: Class of property and equipment Useful life Telecommunication equipment 3 – 20 years Buildings and constructions 10 – 50 years Office and other equipment 3 – 10 years Right-of-use assets Equivalent lease term Class of intangible asset Useful life Telecommunications licenses, frequencies and permissions 3 - 20 years Software 3 - 10 years Brands and trademarks 3 - 15 years Customer relationships 10 - 21 years Other intangible assets 4 - 10 years

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of detailed information about intangible assets [abstract]
Schedule of total gross carrying value and accumulated amortization of intangible assets	The following table summarizes the movement in the net book value of intangible assets for the years ended December 31: Net book value Telecommuni-cation licenses, frequencies & permissions Software Brands and trademarks Customer relationships Other intangible assets Goodwill Total As of January 1, 2020 1,100 316 149 142 22 3,959 5,688 Additions 53 188 3 5 5 13 267 Disposals — (6) — — — — (6) Amortization charge for the year (139) (159) (23) (15) (7) — (343) Impairment (5) (3) — — — (723) (731) Transfer — 6 — — (6) — — Translation adjustment (88) (41) (12) (16) 1 (567) (723) As of December 31, 2020 921 301 117 116 15 2,682 4,152 Additions 482 184 — 1 29 14 710 Disposals* (1) (1) — — 1 (51) (52) Amortization charge for the year (162) (135) 8 (15) (4) — (308) Reclassification as held for sale (34) (9) (73) — — (1,034) (1,150) Impairment (4) (1) — — — — (5) Transfer 40 11 (39) — (6) (7) (1) Translation adjustment (40) — 1 (2) 1 (62) (102) As of December 31, 2021 1,202 350 14 100 36 1,542 3,244 Cost 2,455 1,014 240 687 102 3,539 8,037 Accumulated amortization and impairment (1,253) (664) (226) (587) (66) (1,997) (4,793) *This includes disposal of NTC as explained in Note 9 .
Schedule of changes in goodwill per cash-generating unit	During the year, the movement in goodwill for the Group, per CGU , consisted of the following: CGU* December 31, Impairment Translation adjustment Addition Reclassification as held for sale Disposal Other December 31, Russia** 1,084 — (10) 14 — (51) — 1,131 Algeria — — (19) — (1,034) — — 1,053 Pakistan 287 — (30) — — — (7) 324 Kazakhstan 136 — (4) — — — — 140 Uzbekistan 35 — 1 — — — — 34 Total 1,542 — (62) 14 (1,034) (51) (7) 2,682 CGU December 31, Impairment Translation adjustment Addition December 31, Russia 1,131 (723) (424) 13 2,265 Algeria 1,053 — (114) — 1,167 Pakistan 324 — (11) — 335 Kazakhstan 140 — (14) — 154 Uzbekistan 34 — (4) — 38 Total 2,682 (723) (567) 13 3,959 * There is no goodwill allocated to the CGUs of Ukraine, Bangladesh, Kyrgyzstan or Georgia ** In 2021, VEON acquired a majority stake in OTM, a technology platform for the automation and planning of online advertising and IBS DataFort, a cloud IT infrastructure provider in Russia.
Schedule of capital commitments for the future purchase of intangible assets	Capital commitments for the future purchase of equipment are as follows as of December 31: 2021 2020 Less than 1 year 709 747 Between 1 and 5 years 62 19 More than 5 years 198 — Total commitments 969 766 The above table for 2021 includes future lease commitments relating to the lease agreements between Russia and NTC (Less than 1 year: US$4, Between 1 and 5 years: US$61 and More than 5 years: US$198). For further details on this transaction, refer to Note 9 (Agreement between VEON and Service Telecom regarding the Sale of its Russian tower assets). Capital commitments for the future purchase of intangible assets are as follows as of December 31: 2021 2020 Less than 1 year 58 31 Total commitments 58 31
Schedule of estimated useful lives	Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. The useful of life of VEON's assets generally fall within the following ranges: Class of property and equipment Useful life Telecommunication equipment 3 – 20 years Buildings and constructions 10 – 50 years Office and other equipment 3 – 10 years Right-of-use assets Equivalent lease term Class of intangible asset Useful life Telecommunications licenses, frequencies and permissions 3 - 20 years Software 3 - 10 years Brands and trademarks 3 - 15 years Customer relationships 10 - 21 years Other intangible assets 4 - 10 years

INVESTMENTS IN SUBSIDIARIES (Ta

INVESTMENTS IN SUBSIDIARIES (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of subsidiaries [abstract]
Schedule of information about significant subsidiaries	The Company held investments in material subsidiaries for the years ended December 31 as detailed in the table below. The equity interest presented represents the economic rights available to the Company. Equity interest held by the Group Name of significant subsidiary Country of incorporation Nature of subsidiary 2021 2020 VEON Amsterdam B.V. Netherlands Holding 100.0 % 100.0 % VEON Holdings B.V. Netherlands Holding 100.0 % 100.0 % PJSC VimpelCom Russia Operating 100.0 % 100.0 % JSC “Kyivstar” Ukraine Operating 100.0 % 100.0 % LLP “KaR-Tel” Kazakhstan Operating 75.0 % 75.0 % LLC “Unitel” Uzbekistan Operating 100.0 % 100.0 % LLC “VEON Georgia” Georgia Operating 100.0 % 80.0 % VEON Finance Ireland Designated Activity Company Ireland Holding 100.0 % — % LLC “Sky Mobile” Kyrgyzstan Operating 50.1 % 50.1 % VEON Luxembourg Holdings S.à r.l. Luxembourg Holding 100.0 % 100.0 % VEON Luxembourg Finance Holdings S.à r.l. Luxembourg Holding 100.0 % 100.0 % VEON Luxembourg Finance S.A. Luxembourg Holding 100.0 % 100.0 % Global Telecom Holding S.A.E Egypt Holding 99.6 % 99.6 % Omnium Telecom Algérie S.p.A.* Algeria Holding 45.6 % 45.4 % Optimum Telecom Algeria S.p.A.* Algeria Operating 45.6 % 45.4 % Pakistan Mobile Communications Limited Pakistan Operating 100.0 % 85.0 % Banglalink Digital Communications Limited Bangladesh Operating 100.0 % 100.0 % * The Group has concluded that it controls Omnium Telecom Algérie S.p.A and Optimum Telecom Algeria S.p.A, see 'Significant accounting judgments' below for further details.
Schedule of information about materially partly-owned subsidiaries	Financial information of subsidiaries that have material non-controlling interests ( “NCIs” ) is provided below: Equity interest held by NCIs Book values of Profit / (loss) attributable to material NCIs Name of significant subsidiary 2021 2020 2021 2020 2021 2020 LLP “KaR-Tel” ( “Kar-Tel” ) 25.0 % 25.0 % 96 97 29 26 Omnium Telecom Algérie S.p.A. ( “OTA” ) 54.4 % 54.4 % 732 783 29 43
Schedule of summarized income statement of subsidiaries before inter-company eliminations	The summarized financial information of these subsidiaries before intercompany eliminations for the years ended December 31 are detailed below. Summarized income statement Kar-Tel OTA 2021 2020 2019 2021 2020 2019 Operating revenue 529 446 461 658 689 775 Operating expenses (370) (316) (319) (567) (564) (621) Other (expenses) / income (9) 4 (6) (16) (17) (17) Profit / (loss) before tax 150 134 136 75 108 137 Income tax expense (32) (28) (29) (21) (29) (36) Profit / (loss) for the year 118 106 107 54 79 101 Total comprehensive income / (loss) 118 106 107 54 79 101 Attributed to NCIs 29 26 27 29 43 55 Dividends paid to NCIs — — — (43) 46 69
Schedule of summarized financial position of subsidiaries before inter-company eliminations	Summarized statement of financial position Kar-Tel OTA 2021 2020 2021 2020 Property and equipment 300 276 442 492 Intangible assets 213 233 1,100 1,168 Other non-current assets 28 23 35 18 Trade and other receivables 29 21 31 31 Cash and cash equivalents 46 37 113 67 Other current assets 33 31 28 50 Debt and derivatives (102) (75) (122) (102) Provisions (6) (6) (37) (23) Other liabilities (158) (152) (250) (267) Total equity 383 388 1,340 1,434 Attributed to: Equity holders of the parent 287 291 608 651 Non-controlling interests 96 97 732 783
Schedule of summarized cash flow statement of subsidiaries before inter-company eliminations	Summarized statement of cash flows Kar-Tel OTA 2021 2020 2019 2021 2020 2019 Net operating cash flows 231 184 199 263 211 305 Net investing cash flows (106) (88) (84) (114) (102) (84) Net financing cash flows (114) (97) (104) (99) (103) (205) Net foreign exchange difference (1) (2) — (5) (5) (1) Net increase / (decrease) in cash equivalents 10 (3) 11 45 1 15

OTHER NON-OPERATING GAIN _ (L_2

OTHER NON-OPERATING GAIN / (LOSS) (Tables)	12 Months Ended
	Dec. 31, 2021
Other Non-Operating Gain (Loss)
Schedule of other non-operating gains / (losses)	Other non-operating gains / (losses) consisted of the following for the years ended December 31: 2021 2020 2019 Ineffective portion of hedging activities 3 15 20 Change of fair value of other derivatives (4) 6 (17) Gain /(loss) from money market funds 7 12 21 Loss from early debt redemption — — — Other gains / (losses) 28 78 (3) Other non-operating gain / (loss), net 34 111 21

INVESTMENTS, DEBT AND DERIVAT_2

INVESTMENTS, DEBT AND DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of detailed information about financial instruments [abstract]
Schedule of financial assets	The Company holds the following investments and derivatives assets as of December 31: Carrying value 2021 2020 At fair value Derivatives not designated as hedges — 20 Derivatives designated as net investment hedges — 3 Other investments 37 8 37 31 At amortized cost Security deposits and cash collateral 49 325 Other investments 99 39 148 364 Total investments and derivatives 185 395 Non-current 99 305 Current 86 90
Schedule of financial liabilities	The Company holds the following outstanding debt and derivatives liabilities as of December 31: Carrying value 2021 2020 At fair value Derivatives not designated as hedges 4 52 Derivatives designated as net investment hedges 4 1 8 53 At amortized cost Principal amount outstanding 7,595 7,678 Interest accrued 86 85 Discounts, unamortized fees, hedge basis adjustment (15) (5) Bank loans and bonds 7,666 7,758 Lease liabilities 2,667 1,912 Put-option liability over non-controlling interest 16 273 Other financial liabilities* 289 91 10,638 10,034 Total debt and derivatives 10,646 10,087 Non-current 9,404 8,832 Current 1,242 1,255 . *Certain comparative amounts have been reclassified, refer to Note 24 for further details.
Schedule of principal amounts outstanding for interest-bearing loans and bonds	The Company had the following principal amounts outstanding for interest-bearing loans and bonds at December 31: Principal amount outstanding Borrower Type of debt Guarantor Currency Interest rate Maturity 2021 2020 VEON Holdings Loans None RUB 7.35% to 7.50% 2021 — 812 VEON Holdings Loans None RUB CBR key rate + 2.20% 2021 — 677 VEON Holdings Notes PJSC VimpelCom US$ 7.50% 2022 417 417 VEON Holdings Notes None US$ 5.95% to 7.25% 2023 1,229 1,229 VEON Holdings Notes None US$ 4.95% 2024 533 533 VEON Holdings Loan None RUB CBR key rate + 1.85% 2025 404 406 VEON Holdings Notes None US$ 4.00% 2025 1,000 1,000 VEON Holdings Notes None RUB 6.30% to 6.50% 2025 404 406 VEON Holdings Notes None RUB 8.13% 2026 269 — VEON Holdings Notes None US$ 3.38% 2027 1,250 1,250 VEON Finance Ireland DAC Loans VEON Holdings RUB CBR key rate + 1.90% to 2.15% 2026 807 — VEON Finance Ireland DAC Loan VEON Holdings RUB 10.10% 2026 404 — PJSC VimpelCom, via VIP Finance Ireland Notes None US$ 7.75% 2021 — 262 PMCL Loans None PKR 6M KIBOR +0.35% 2022 24 80 PMCL Loans None PKR 6M KIBOR + 0.55% 2026 272 273 PMCL Loan None PKR 3M KIBOR + 0.55% 2028 28 — PMCL Loan None PKR 6M KIBOR + 0.55% 2028 85 — PMCL Loan None PKR 3M KIBOR + 0.88% 2031 57 — PJSC Kyivstar Loan None UAH NBU Key rate + 3.00% 2023 61 56 PJSC Kyivstar Loan VEON Holdings UAH NBU Key rate + 3.50% 2024 47 — PJSC Kyivstar Loan VEON Holdings UAH Treasury Bill Rate + 3.00% 2024 50 — PJSC Kyivstar Loans None UAH 10.15% to 11.00% 2023-2025 97 85 Banglalink Loans None BDT Average bank deposit rate + 4.25% 2022 46 80 Other bank loans and bonds 111 112 Total bank loans and bonds 7,595 7,678
Schedule of reconciliation of cash flows from financing activities	Reconciliation of cash flows from financing activities Bank loans and bonds Lease liabilities Total Balance as of January 1, 2020 7,588 2,083 9,671 Cash flows Proceeds from borrowings, net of fees paid 4,621 — 4,621 Repayment of debt (4,054) (297) (4,351) Interest paid (494) (146) (640) Repayment of debt relating to Algeria discontinued operations — (25) (25) Interest paid relating to Algeria discontinued operations — (4) (4) Non-cash movements Interest and fee accruals 546 156 702 Lease additions, disposals, impairment and modifications — 432 432 Foreign currency translation (398) (286) (684) Other non-cash movements (51) — (51) Balance as of December 31, 2020 7,758 1,913 9,671 Cash flows Proceeds from borrowings, net of fees paid 2,090 — 2,090 Repayment of debt (2,129) (337) (2,466) Interest paid (472) (147) (619) Non-cash movements Interest and fee accruals 513 144 657 Lease additions, disposals, impairment and modifications — 1,224 1,224 Held for sale - Note 10 — (122) (122) Foreign currency translation (68) (8) (76) Other non-cash movements (26) — (26) Balance as of December 31, 2021 7,666 2,667 10,333 FINANCING ACTIVITIES 2021
Schedule of hedge accounting with derivatives as hedging items	The following table sets out the Company’s hedging instruments designated as net investment hedges as of December 31: Hedging instruments * Designated rate Excluded component Hedged Currency Aggregated designated nominal value of hedged items, million 2021 2020 Foreign currency forward contracts Forward foreign currency basis spread PJSC VimpelCom RUB 6,986 ** 26,758 ** * Refer to the Debt and Derivatives section above in this Note for information regarding the carrying amounts of the hedging instruments. ** Hedging instruments have a weighted average term to maturity of less than 1 year as of December 31, 2021 (2020: 1 year ). The below table sets out the reconciliation of each component of equity and the analysis of other comprehensive income (all of which are attributable to the equity owners of the parent): Foreign currency translation reserve Cost of hedging reserve ** As of January 1, 2020 (8,312) 9 Foreign currency revaluation of the foreign operations and other (615) — Effective portion of foreign currency revaluation of the hedging instruments * 178 — Change in fair value of foreign currency basis spreads — 7 Amortization of time-period related foreign currency basis spreads — (15) Other movements in foreign currency translation reserve (26) — As of December 31, 2020 (8,775) 1 Foreign currency revaluation of the foreign operations (140) — Effective portion of foreign currency revaluation of the hedging instruments * (18) — Change in fair value of foreign currency basis spreads — 2 Amortization of time-period related foreign currency basis spreads — (3) Other movements in foreign currency translation reserve — — As of December 31, 2021 (8,933) — * Amounts represent the changes in fair value of the hedging instruments and closely approximate the changes in value of the hedged items used to recognize hedge ineffectiveness.

CASH AND CASH EQUIVALENTS (Tabl

CASH AND CASH EQUIVALENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Cash and cash equivalents [abstract]
Schedule of cash and cash equivalents	Cash and cash equivalents consisted of the following items as of December 31: 2021 2020 Cash and cash equivalents at banks and on hand 1,485 694 Cash equivalents with original maturity of less than three months* 767 975 Cash and cash equivalents** 2,252 1,669 Less overdrafts (13) (8) Cash and cash equivalents, net of overdrafts, as presented in the consolidated statement of cash flows 2,239 1,661 *Certain comparative amounts have been reclassified, refer to Note 24 for further details. ** Cash and cash equivalents include an amount of US$98 relating to banking operations in Pakistan.

FINANCIAL RISK MANAGEMENT (Tabl

FINANCIAL RISK MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of risk management strategy related to hedge accounting [abstract]
Schedule of sensitivity analysis	The following table demonstrates the sensitivity to a possible change in exchange rates against the US dollar with all other variables held constant. Additional sensitivity changes to the indicated currencies are expected to be approximately proportionate. The table shows the effect on the Company’s profit before tax (due to changes in the value of monetary assets and liabilities, including foreign currency derivatives) and equity (due to application of hedge accounting or existence of quasi equity loans). The Company’s exposure to foreign currency changes for all other currencies is not material. Effect on profit / (loss) before tax Effect on other comprehensive income Change in foreign exchange rate against US$ 10% depreciation 10% appreciation 10% depreciation 10% appreciation 2021 Russian Ruble 18 (25) 9 (10) Bangladeshi Taka (30) 33 — — Pakistani Rupee (3) 4 — — Georgian Lari (37) 41 — — Other currencies (net) (7) 7 — — 2020 Russian Ruble 35 (39) 32 (39) Bangladeshi Taka (30) 33 — — Pakistani Rupee (4) 4 — — Georgian Lari (36) 40 — — Other currencies (net) 8 (9) 4 (4)
Schedule of available facilities for liquidity risk	The Company had the following available facilities as of December 31: Amounts in millions of transactional currency US$ equivalent amounts Final availability period Facility amount Utilized Available Facility amount Utilized Available 2021 VEON Holdings B.V. – Revolving Credit Facility Feb 2024 US$1,250 — US$1,250 1,250 — 1,250 PMCL - Term Facility Jun 2022 PKR 50,000 PKR 10,000 PKR 40,000 283 57 226 TNS -Plus LLC - Term Facilities* Oct 2023 KZT 4,000 KZT 2,783 KZT 1,217 9 6 3 * Facility amount of US$ 0.3 is available until October 2025. Amounts in millions of transactional currency US$ equivalent amounts Final availability period Facility amount Utilized Available Facility amount Utilized Available 2020 VEON Holdings B.V. – Revolving Credit Facility * Feb 2022 US$1,586* — US$1,586 1,586 — 1,586 PMCL - Syndicated Term Facility and Islamic Finance Facility Sep 2021 PKR 14,369 PKR 9,999 PKR 4,370 90 62 28 PMCL - Term Facility Nov 2023 PKR 10,000 PKR 5,000 PKR 5,000 24 12 12
Schedule of maturity analysis of financial liabilities	The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments. Payments related to variable interest rate financial liabilities and derivatives are included based on the interest rates and foreign currency exchange rates applicable as of December 31, 2021 and 2020, respectively. The total amounts in the table differ from the carrying amounts as stated in Note 16 as the below table includes both undiscounted principal amounts and interest while the carrying amounts are measured using the effective interest rate method. Less than 1 year 1-3 years 3-5 years More than 5 years Total As of December 31, 2021 Bank loans and bonds 1,050 3,200 3,652 1,393 9,295 Lease liabilities 545 1,111 763 751 3,170 Derivative financial liabilities Gross cash inflows — — — — — Gross cash outflows 8 — — — 8 Trade and other payables* 2,031 — — — 2,031 Other financial liabilities 120 144 21 15 300 Put option liability over non-controlling interest 16 — — — 16 Total financial liabilities 3,770 4,455 4,436 2,159 14,820 Related derivatives financial assets Gross cash inflows — — — — — Gross cash outflows — — — — — Related derivative financial assets — — — — — Total financial liabilities, net of derivative assets 3,770 4,455 4,436 2,159 14,820 * Certain comparative amounts have been reclassified, refer to Note 24 for further details. Less than 1 year 1-3 years 3-5 years More than 5 years Total As of December 31, 2020 Bank loans and bonds 842 3,803 3,123 1,408 9,176 Lease liabilities 525 896 639 239 2,299 Derivative financial liabilities Gross cash inflows (228) — — — (228) Gross cash outflows 237 — — — 237 Trade and other payables* 1,946 — — — 1,946 Other financial liabilities — 60 — — 60 Warid non-controlling interest put option liability 273 — — — 273 Total financial liabilities 3,595 4,759 3,762 1,647 13,763 Related derivatives financial assets Gross cash inflows 152 — — — 152 Gross cash outflows (149) — — — (149) Related derivative financial assets 3 — — — 3 Total financial liabilities, net of derivative assets 3,598 4,759 3,762 1,647 13,766 * Certain comparative amounts have been reclassified, refer to Note 24 for further details.

ISSUED CAPITAL AND RESERVES (Ta

ISSUED CAPITAL AND RESERVES (Tables)	12 Months Ended
	Dec. 31, 2021
ISSUED CAPITAL AND RESERVES
Summary of common shares	The following table details the common shares of the Company as of December 31: 2021 2020 Authorized common shares (nominal value of US$0.001 per share) 1,849,190,667 1,849,190,667 Issued shares, including 7,603,731 shares held by a subsidiary of the Company 1,756,731,135 1,756,731,135
Summary of major shareholders	As of December 31, 2021, the Company’s largest shareholders and remaining free float are as follows: Shareholder Common shares % of common and voting shares L1T VIP Holdings S.à r.l. (“LetterOne”) 840,625,001 47.9 % Stichting Administratiekantoor Mobile Telecommunications Investor * 145,947,562 8.3 % Free Float, including 7,603,731 shares held by a subsidiary of the Company 770,158,572 43.8 % Total outstanding common shares 1,756,731,135 100.0 % * LetterOne is the holder of the depositary receipts issued by Stichting and is therefore entitled to the economic benefits (dividend payments, other distributions and sale proceeds) of such depositary receipts and, indirectly, of the 145,947,562 common shares represented by the depositary receipts. According to the conditions of administration entered into between Stichting and LetterOne ( “Conditions of Administration” ) in connection with the transfer of 145,947,562 ADSs from LetterOne to Stichting on March 29, 2016, Stichting has the power to vote and direct the voting of, and the power to dispose and direct the disposition of, the ADSs, in its sole discretion, in accordance with the Conditions of Administration and Stichting’s articles of association.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings per share [abstract]
Schedule of earnings per share for continuing operations	The following table sets forth the computation of basic and diluted earnings per share for continuing operations, for the years ended December 31: Continuing operations 2021 2020 2019 (In millions of U.S. dollars, except share and per share amounts) Numerator: Profit / (loss) for the period attributable to the owners of the parent 605 (384) 576 Denominator: Weighted average common shares outstanding for basic earnings per share (in millions) 1,749 1,749 1,749 Denominator for diluted earnings per share (in millions) 1,753 1,749 1,749 Basic (loss) / earnings per share $0.35 ($0.22) $0.33 Diluted (loss) / earnings per share $0.35 ($0.22) $0.33
Schedule of earnings per share for discontinued operations	The following table sets forth the computation of basic and diluted earnings per share for discontinued operations, for the years ended December 31: Discontinued operations 2021 2020 2019 (In millions of U.S. dollars, except share and per share amounts) Numerator: Profit / (loss) for the period attributable to the owners of the parent 69 35 45 Denominator: Weighted average common shares outstanding for basic earnings per share (in millions) 1,749 1,749 1,749 Denominator for diluted earnings per share (in millions) 1,753 1,749 1,749 Basic (loss) / earnings per share $0.04 $0.02 $0.03 Diluted (loss) / earnings per share $0.04 $0.02 $0.03

DIVIDENDS PAID AND PROPOSED (Ta

DIVIDENDS PAID AND PROPOSED (Tables)	12 Months Ended
	Dec. 31, 2021
Dividends Paid And Proposed
Schedule of dividends	There were no dividends declared by VEON in respect of the year 2021 and 2020. The following table provides an overview of dividends announced by VEON in respect of the year 2019: Description Dividends declared Dividends paid Dividends, US$ cents per share Final for 2019 February 2020 March 2020 15 Interim for 2019 August 2019 August 2019 13
Schedule of declared dividends paid or payable to non-controlling interests	During 2021, 2020 and 2019, certain subsidiaries of the Company declared dividends, of which a portion was paid or payable to non-controlling interests as shown in the table below: Name of subsidiary 2021 2020 2019 Omnium Telecom Algeria S.p.A 44 45 69 VIP Kazakhstan Holding AG 27 24 24 TNS Plus LLP 8 16 12 Other 10 2 3 Total dividends declared to non-controlling interests 89 87 108

RELATED PARTIES (Tables)

RELATED PARTIES (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of transactions between related parties [abstract]
Schedule of compensation paid to key management personnel	The following table sets forth the total compensation to our directors and senior managers, who are considered to be key management of the company: 2021 2020 2019 Short-term employee benefits 39 35 48 Long-term employee benefits — 1 — Share-based payment* 9 — 3 Termination benefits 7 4 — Total compensation to directors and senior management** 55 40 51 *Share-based payment in 2021 represent the expense under the Deferred Shares Plan and Long-Term Incentive Plan, see further details below. ** The number of directors and senior managers vary from year to year. Total compensation paid to directors and senior management approximates the amount charged in the consolidated income statement for that year with the exception of the share-based payment in 2021.
Schedule of compensation paid to key management board members	The following table sets forth the total remuneration expense to the key senior managers in 2021 and 2020 (gross amounts in whole euro and whole US$ equivalents). For further details on compensation and changes to key senior managers, please refer to the Explanatory notes below. In whole euros Kaan Terzioglu Sergi Herrero Ursula Burns Serkan Okandan Trond Westlie Murat Kirkgoz Kjell Johnsen Scott Dresser Alex Kazbegi Joop Brakenhoff Alex Bolis Dmitry Shvets Michael Schulz Group CEO Group Co-CEO Group CEO Group CFO Group CFO Deputy Group CFO Group COO Group General Counsel Group Chief Strategy Officer Group Chief Internal Audit & Compliance Officer Group Head of Corporate Development, Communications and Investor Relations Group Head of Portfolio Management Group Chief People Officer 2021 Short-term employee benefits Base salary 1,323,000 628,199 — 1,296,000 — — — 1,300,000 143,100 540,000 272,448 365,854 237,741 Annual incentive 1,695,094 623,036 — 1,192,320 — — — 1,300,000 128,437 496,800 239,754 372,351 197,107 Other 205,350 5,512,172 — 1,276,225 — — — 1,013,859 143,936 96,600 77,000 11,271 27,862 Long-term employee benefits 166,518 (144,764) — — — — — — — — — — — Share-based payments 2,158,098 (60,701) (103,954) 1,066,672 — (26,417) — 277,390 — 467,471 330,726 491,760 469,127 Termination benefits — 2,936,759 — — — — — 2,625,000 579,675 — — — — Total remuneration expense * 5,548,060 9,494,701 (103,954) 4,831,217 — (26,417) — 6,516,249 995,148 1,600,871 919,928 1,241,236 931,837 2020 Short-term employee benefits Base salary 1,323,000 1,181,368 1,162,750 864,000 16,810 211,600 — 1,300,000 553,500 224,100 — — — Annual incentive 930,418 769,643 540,984 525,730 — 80,302 — 2,300,000 338,378 147,813 — — — Other 439,657 2,158,022 554,328 297,341 212,631 40,360 299,333 24,100 104,124 39,908 — — — Long-term employee benefits 76,366 706,925 — — — — — — — — — — — Share-based payments 88,056 58,707 111,403 76,316 (217,080) (7,954) (217,080) (65,526) — 8,775 — — — Termination benefits — — — — — — — — — — — — — Total remuneration expense * 2,857,497 4,874,665 2,369,465 1,763,387 12,361 324,308 82,253 3,558,574 996,002 420,596 — — — * Total remuneration expense for 2021 excludes accrued payroll taxes of EUR-3 million (US$-3) (2020: EUR9 million (US$10) recorded in ‘Selling, general and administrative expenses’ incurred by the Company pertaining to payments made to Ursula Burns (2020: Ursula Burns and Kjell Johnsen). In whole US dollars Kaan Terzioglu Sergi Herrero Ursula Burns Serkan Okandan Trond Westlie Murat Kirkgoz Kjell Johnsen Scott Dresser Alex Kazbegi Joop Brakenhoff Alex Bolis Dmitry Shvets Michael Schulz Group CEO Group Co-CEO Group CEO Group CFO Group CFO Deputy Group CFO Group COO Group General Counsel Group Chief Strategy Officer Group Chief Internal Audit & Compliance Officer Group Head of Corporate Development, Communications and Investor Relations Group Head of Portfolio Management Group Chief People Officer 2021 Short-term employee benefits Base salary 1,564,015 742,676 — 1,532,096 — — — 1,536,825 169,169 638,373 322,081 433,078 281,051 Annual incentive 2,003,894 736,572 — 1,409,528 — — — 1,536,825 151,835 587,303 283,431 440,768 233,014 Other 242,759 6,516,660 — 1,508,718 — — — 1,198,557 170,158 114,198 91,027 13,342 32,938 Long-term employee benefits 196,853 (171,144) — — — — — — — — — — — Share-based payments 2,551,245 (71,763) (122,891) 1,260,991 — (31,230) — 327,923 — 552,631 390,975 582,119 554,589 Termination benefits — 3,471,927 — — — — — 3,103,204 685,276 — — — — Total remuneration expense * 6,558,766 11,224,928 (122,891) 5,711,333 — (31,230) — 7,703,334 1,176,438 1,892,505 1,087,514 1,469,307 1,101,592 2020 Short-term employee benefits Base salary 1,508,380 1,346,902 1,325,676 985,064 19,165 241,250 — 1,482,157 631,057 255,501 — — — Annual incentive 1,060,789 877,486 616,787 599,396 — 91,554 — 2,622,278 385,792 168,525 — — — Other 501,262 2,460,406 632,001 339,005 242,425 46,015 341,276 27,477 118,714 45,500 — — — Long-term employee benefits 87,066 805,980 — — — — — — — — — — — Share-based payments 100,394 66,933 127,013 87,009 (247,497) (9,069) (247,497) (74,708) — 10,005 — — — Termination benefits — — — — — — — — — — — — — Total remuneration expense * 3,257,891 5,557,707 2,701,477 2,010,474 14,093 369,750 93,779 4,057,204 1,135,563 479,531 — — — * Total remuneration expense for 2021 excludes accrued payroll taxes of EUR-3 million (US$-3) (2020: EUR9 million (US$10) recorded in ‘Selling, general and administrative expenses’ incurred by the Company pertaining to payments made to Ursula Burns (2020: Ursula Burns and Kjell Johnsen).
Schedule of compensation paid to supervisory board members	The following table sets forth the total remuneration expense to the members of the Board of Directors members in 2021 and 2020 (gross amounts in whole euro and whole US dollar equivalents). For details on changes in Board of Directors, please refer to explanations below. Retainer Committees Other compensation Total In whole euros 2021 2020 2021 2020 2021 2020 2021 2020 Hans Holger Albrecht 487,500 204,167 136,458 72,917 1,098,610 — 1,722,568 277,084 Guillaume Bacuvier — 105,114 — 23,125 — — — 128,239 Osama Bedier 155,556 308,333 44,444 68,750 — — 200,000 377,083 Ursula Burns — 323,864 — — — — — 323,864 Mariano De Beer — 204,167 — 87,500 — — — 291,667 Peter Derby 155,556 204,167 66,667 87,500 — — 222,223 291,667 Mikhail Fridman 75,000 60,417 — — — — 75,000 60,417 Gennady Gazin 842,708 629,167 57,292 33,333 1,971,749 — 2,871,749 662,500 Amos Genish 155,556 204,167 66,667 87,500 — — 222,223 291,667 Yaroslav Glazunov 75,000 13,350 — — — — 75,000 13,350 Andrei Gusev 75,000 60,417 — — — 500,000 75,000 560,417 Gunnar Holt 350,000 308,333 150,000 118,750 — — 500,000 427,083 Sir Julian Horn-Smith — 105,114 — 10,511 — — — 115,625 Robert Jan van de Kraats 350,000 308,333 125,000 85,417 — — 475,000 393,750 Guy Laurence — 104,167 — 12,500 — — — 116,667 Alexander Pertsovsky — 47,917 — — — — — 47,917 Steve Pusey 189,583 204,167 53,125 58,333 — — 242,708 262,500 Leonid Boguslavsky 335,417 — 23,958 — — — 359,375 — Sergi Herrero 195,417 — 13,958 — — — 209,375 — Irene Shvakman 195,115 — 27,874 — — — 222,989 — Vasily Sidorov 195,115 — 111,494 — — — 306,609 — Total compensation 3,832,523 3,395,361 876,937 746,136 3,070,359 500,000 7,779,819 4,641,497 Retainer Committees Other compensation Total In whole US dollars 2021 2020 2021 2020 2021 2020 2021 2020 Hans Holger Albrecht 576,323 232,775 161,321 83,134 1,298,776 — 2,036,420 315,909 Guillaume Bacuvier — 119,843 — 26,365 — — — 146,208 Osama Bedier 183,898 351,537 52,542 78,383 — — 236,440 429,920 Ursula Burns — 369,244 — — — — — 369,244 Mariano De Beer — 232,775 — 99,761 — — — 332,536 Peter Derby 183,898 232,775 78,813 99,761 — — 262,711 332,536 Mikhail Fridman 88,665 68,883 — — — — 88,665 68,883 Gennady Gazin 996,250 717,326 67,730 38,004 2,331,001 — 3,394,981 755,330 Amos Genish 183,898 232,775 78,813 99,761 — — 262,711 332,536 Yaroslav Glazunov 88,665 15,221 — — — — 88,665 15,221 Andrei Gusev 88,665 68,883 — — — 570,060 88,665 638,943 Gunnar Holt 413,770 351,537 177,330 135,389 — — 591,100 486,926 Sir Julian Horn-Smith — 119,843 — 11,984 — — — 131,827 Robert Jan van de Kraats 413,770 351,537 147,775 97,386 — — 561,545 448,923 Guy Laurence — 118,763 — 14,252 — — — 133,015 Alexander Pertsovsky — 54,631 — — — — — 54,631 Steve Pusey 224,125 232,775 62,804 66,507 — — 286,929 299,282 Leonid Boguslavsky 396,530 — 28,323 — — — 424,853 — Sergi Herrero 231,022 — 16,502 — — — 247,524 — Irene Shvakman 230,665 — 32,952 — — — 263,617 — Vasily Sidorov 230,665 — 131,808 — — — 362,473 — Total compensation 4,530,809 3,871,123 1,036,713 850,687 3,629,777 570,060 9,197,299 5,291,870

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
Significant Accounting Policies That Relate To The Consolidated Financial Statements As A Whole
Disclosure of significant accounting judgments, estimates and assumptions	The sources of uncertainty identified by the Group are described together with the applicable Note, as follows: Significant accounting judgment / source of estimation uncertainty Described in Revenue recognition Note 3 Deferred tax assets and uncertain tax positions Note 8 Provisions and contingent liabilities Note 7 Impairment of non-current assets Note 11 Control over subsidiaries Note 14 Depreciation and amortization of non-current assets Note 12 and Note 13 Fair value of financial instruments Note 16 Sale and lease back transactions Note 12 Measurement of lease liabilities Note 16

CONDENSED SEPARATE FINANCIAL _2

CONDENSED SEPARATE FINANCIAL INFORMATION OF VEON LTD (Tables)	12 Months Ended
	Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]
Condensed statement of financial position	Condensed statement of financial position: As of December 31 2021 2020 2019 Non-current assets Intangible assets 6 8 10 Tangible fixed assets 3 8 15 Financial fixed assets 690 138 1,152 Total non-current assets 699 154 1,177 Total current assets 119 320 393 Total assets 818 474 1,570 Equity 586 163 1,226 Total liabilities 232 311 344 Total equity and liabilities 818 474 1,570
Condensed income statement	Condensed income statement: for the years ended December 31 2021 2020 2019 Selling, general and administrative expenses (86) (101) (160) Other operating gains — — 350 Recharged expenses to group companies (11) 3 21 Operating (loss) / profit (97) (98) 211 Finance income and (costs) 2 (2) 6 Share in result of subsidiaries after tax 773 (249) 404 Income tax (4) — — Total non-operating income and expenses 772 (251) 410 Profit / (loss) for the year 674 (349) 621
Condensed statements of comprehensive income	Condensed statements of comprehensive income: for the years ended December 31 2021 2020 2019 Total comprehensive (loss) / profit for the year, net of tax — (800) 733
Condensed statement of cash flows	Condensed statement of cash flows: for the years ended December 31 2021 2020 2019 Net cash flows from operating activities (27) (13) (213) Investing activities Receipt of dividends — — — Receipt of capital surplus from a subsidiary (1) 317 650 Other cash flows from investing activities 3 — 101 Net cash flows used in investing activities 2 317 751 Financing activities Proceeds from borrowings net of fees paid — — — Repayment of borrowings — — — Dividends paid to equity owners of the parent — (260) (522) Share capital issued and paid — — — Net cash flows generated from/(used in) financing activities — (260) (522) Net increase (decrease) in cash and cash equivalents (25) 44 16 Net foreign exchange difference — — — Cash and cash equivalents at beginning of period 79 35 19 Cash and cash equivalents at end of period 54 79 35

GENERAL INFORMATION (Details)

GENERAL INFORMATION (Details) ₽ in Millions, $ in Millions

1 Months Ended

3 Months Ended

12 Months Ended

Apr. 30, 2021RUB (₽)

Apr. 30, 2021USD ($)

Mar. 31, 2021USD ($)

Oct. 31, 2020USD ($)

Mar. 31, 2020USD ($)

Mar. 31, 2021RUB (₽)

Dec. 31, 2021RUB (₽)

Dec. 31, 2021USD ($)

Sep. 30, 2021RUB (₽)

Sep. 30, 2021USD ($)

Mar. 31, 2021USD ($)

Dec. 31, 2020USD ($)

Mar. 31, 2020RUB (₽)

Mar. 31, 2020USD ($)

General information

Borrowings

$ (7,595)

$ (7,678)

PMCL (Pakistan Mobile Communications Ltd)

General information

Consideration paid

$ 273

$ 273

Percentage of voting equity interests acquired

15.00%

15.00%

VEON Finance Ireland Designated Activity Company

General information

Consideration paid

$ (51)

Veon Holdings B.V. Revolving Credit Facility, Available Until February 2024

General information

Notional amount

₽ 1,250

$ 1,250

RUB30bn Alfa bank facility

General information

Notional amount

30,000

$ 396

Borrowings

₽ (30,000)

$ (165)

RUB15bn Alfa Bank Facility Floating Rate Tranche

General information

Notional amount | ₽

₽ 15,000

Proceeds from non-current borrowings

₽ 15,000

$ 198

₽ 15,000

Alfa Bank Bilateral Term Loan

General information

Proceeds

$ (198)

Alfa Bank Bilateral Term Loan | Veon Holdings B.v.

General information

Available

611

Alfa Bank Bilateral Term Loan | VEON Finance Ireland Designated Activity Company

General information

Available

45,000

612

Floating rate tranche

15,000

204

Fixed rate tranche

30,000

408

Alfa Bank Bilateral Term Loan | VEON Finance Ireland Designated Activity Company | March 2025

General information

Available

30,000

407

Alfa Bank Bilateral Term Loan | VEON Finance Ireland Designated Activity Company | March 2026

General information

Available

204

MCB Bank

General information

Facility term

7 years

United Bank Limited Bilateral Term Loan Facility

General information

Facility term

7 years

Senior Unsecured Notes | Veon Holdings B.v.

General information

Borrowings

₽ (20,000)

$ (273)

Sberbank | Veon Holdings B.v.

General information

Borrowings

(273)

Available

612

Sberbank | VEON Finance Ireland Designated Activity Company

General information

Available

45,000

611

Sberbank | VEON Finance Ireland Designated Activity Company | June 2023

General information

Available

15,000

204

Sberbank | VEON Finance Ireland Designated Activity Company | June 2024

General information

Available

₽ 30,000

$ 408

SEGMENT INFORMATION - Reportabl

SEGMENT INFORMATION - Reportable segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Disclosure of operating segments [line items]
Total revenue	$ 7,788	$ 7,291	[1]	$ 8,089	[1]
Total Adjusted EBITDA	3,333	3,151		3,861
CAPEX excl licenses and ROU	1,825	1,794		1,633
Operating segments | Russia
Disclosure of operating segments [line items]
Total revenue	3,950	3,819		4,481
Total Adjusted EBITDA	1,476	1,504		1,957
CAPEX excl licenses and ROU	1,019	1,017		976
Operating segments | Pakistan
Disclosure of operating segments [line items]
Total revenue	1,408	1,233		1,321
Total Adjusted EBITDA	643	612		669
CAPEX excl licenses and ROU	318	249		213
Operating segments | Ukraine
Disclosure of operating segments [line items]
Total revenue	1,055	933		870
Total Adjusted EBITDA	704	630		572
CAPEX excl licenses and ROU	203	179		156
Operating segments | Kazakhstan
Disclosure of operating segments [line items]
Total revenue	569	479		486
Total Adjusted EBITDA	307	265		270
CAPEX excl licenses and ROU	134	119		108
Operating segments | Uzbekistan
Disclosure of operating segments [line items]
Total revenue	194	198		258
Total Adjusted EBITDA	89	68		136
CAPEX excl licenses and ROU	34	52		53
Operating segments | Bangladesh
Disclosure of operating segments [line items]
Total revenue	564	537		537
Total Adjusted EBITDA	235	228		222
CAPEX excl licenses and ROU	89	126		82
Operating segments | Others
Disclosure of operating segments [line items]
Total revenue	81	125		172
Total Adjusted EBITDA	41	22		63
CAPEX excl licenses and ROU	25	33		38
HQ and eliminations | HQ and eliminations
Disclosure of operating segments [line items]
Total revenue	(33)	(33)		(36)
Total Adjusted EBITDA	(162)	(178)		(28)
CAPEX excl licenses and ROU	$ 3	$ 19		$ 7
[1]	*Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation (see Note 10 )

SEGMENT INFORMATION - Segments

SEGMENT INFORMATION - Segments adjusted EBITDA (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Disclosure of operating segments [abstract]
Profit / (loss) before tax from continuing operations	$ 908	$ (82)	[1],[2]	$ 1,044	[1],[2]
Depreciation	1,545	1,432	[2]	1,512	[2]
Amortization	308	310	[2]	333	[2]
Impairment (loss) / reversal	20	784	[2]	108	[2]
(Gain) / loss on disposal of non-current assets	17	36	[2]	44	[2]
Gain / (loss) on disposal of subsidiaries	(101)	78	[2]	(1)	[2]
Finance costs	690	673	[2]	876	[2]
Finance income	(16)	(23)	[2]	(52)	[2]
Other non-operating (gain) / loss	(34)	(111)	[2]	(21)	[2]
Net foreign exchange (gain) / loss	(4)	54	[1],[2]	18	[1],[2]
Total Adjusted EBITDA	$ 3,333	$ 3,151		$ 3,861
[1]	* Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation ( see note 10 )
[2]	*Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation (see Note 10 )

OPERATING REVENUE - Revenue (De

OPERATING REVENUE - Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of operating segments [line items]
Sale of Equipment and accessories	$ 508	$ 388	$ 463
Other revenue	133	117	154
Total revenue	7,788	7,291	8,089
Russia | Operating segments
Disclosure of operating segments [line items]
Sale of Equipment and accessories	472	366	446
Other revenue	10	13	11
Total revenue	3,950	3,819	4,481
Pakistan | Operating segments
Disclosure of operating segments [line items]
Sale of Equipment and accessories	18	11	6
Other revenue	105	88	86
Total revenue	1,408	1,233	1,321
Ukraine | Operating segments
Disclosure of operating segments [line items]
Sale of Equipment and accessories	0	0	0
Other revenue	7	5	6
Total revenue	1,055	933	870
Kazakhstan | Operating segments
Disclosure of operating segments [line items]
Sale of Equipment and accessories	17	7	2
Other revenue	2	2	39
Total revenue	569	479	486
Uzbekistan | Operating segments
Disclosure of operating segments [line items]
Sale of Equipment and accessories	0	0	0
Other revenue	0	1	1
Total revenue	194	198	258
Bangladesh | Operating segments
Disclosure of operating segments [line items]
Sale of Equipment and accessories	0	0	1
Other revenue	11	10	11
Total revenue	564	537	537
Others | Operating segments
Disclosure of operating segments [line items]
Sale of Equipment and accessories	0	4	8
Other revenue	0	0	2
Total revenue	81	125	172
Mobile
Disclosure of operating segments [line items]
Service revenue	6,452	6,106	6,786
Mobile | Russia | Operating segments
Disclosure of operating segments [line items]
Service revenue	2,916	2,917	3,485
Mobile | Pakistan | Operating segments
Disclosure of operating segments [line items]
Service revenue	1,285	1,134	1,229
Mobile | Ukraine | Operating segments
Disclosure of operating segments [line items]
Service revenue	980	869	812
Mobile | Kazakhstan | Operating segments
Disclosure of operating segments [line items]
Service revenue	459	392	379
Mobile | Uzbekistan | Operating segments
Disclosure of operating segments [line items]
Service revenue	193	196	255
Mobile | Bangladesh | Operating segments
Disclosure of operating segments [line items]
Service revenue	553	527	525
Mobile | Others | Operating segments
Disclosure of operating segments [line items]
Service revenue	81	102	135
Fixed
Disclosure of operating segments [line items]
Service revenue	695	680	686
Fixed | Russia | Operating segments
Disclosure of operating segments [line items]
Service revenue	552	523	539
Fixed | Pakistan | Operating segments
Disclosure of operating segments [line items]
Service revenue	0	0	0
Fixed | Ukraine | Operating segments
Disclosure of operating segments [line items]
Service revenue	68	59	52
Fixed | Kazakhstan | Operating segments
Disclosure of operating segments [line items]
Service revenue	91	78	66
Fixed | Uzbekistan | Operating segments
Disclosure of operating segments [line items]
Service revenue	1	1	2
Fixed | Bangladesh | Operating segments
Disclosure of operating segments [line items]
Service revenue	0	0	0
Fixed | Others | Operating segments
Disclosure of operating segments [line items]
Service revenue	$ 0	$ 19	$ 27

OPERATING REVENUE - Assets and

OPERATING REVENUE - Assets and liabilities arising from contracts with customers (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Revenue [abstract]
Receivables (billed)	$ 789	$ 728
Receivables (unbilled)	49	41
Contract liabilities	(232)	(233)
Customer acquisition costs	$ 149	$ 128

SELLING, GENERAL AND ADMINIST_3

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Details) $ in Millions, ₨ in Billions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)		Dec. 31, 2020PKR (₨)	Dec. 31, 2019USD ($)
Investments in subsidiaries
Network and IT costs	$ 764	$ 727			$ 723
Personnel costs	792	750			808
Customer associated costs	654	602			658
Losses on receivables	28	56			54
Reversal of non-income tax provision	(81)	(55)			(153)
Other	260	242			340
Total selling, general and administrative expenses	$ 2,579	2,432	[1]		$ 2,736	[1]
Pakistan Mobile Communications Limited
Investments in subsidiaries
Reversal of non-income tax provision		68		₨ 11.2
Pakistan Mobile Communications Limited | Selling, General, And Administrative Expense
Investments in subsidiaries
Reversal of non-income tax provision		$ 52		₨ 8.6
[1]	*Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation (see Note 10 )

TRADE AND OTHER RECEIVABLES - D

TRADE AND OTHER RECEIVABLES - Detail of trade and other receivables (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Trade receivables	$ 679	$ 544
Other receivable, net of expected credit losses allowance	11	28
Total trade and other receivables	690	572
Gross
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Trade receivables	838	769
Expected credit losses
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Trade receivables	$ (159)	$ (225)

TRADE AND OTHER RECEIVABLES - M

TRADE AND OTHER RECEIVABLES - Movements in the allowance for expected credit losses (Details) - Trade receivables - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in allowance account for credit losses of financial assets [abstract]
Balance as of January 1	$ 225	$ 198
Accruals for expected credit losses	35	76
Recoveries	(9)	(13)
Accounts receivable written off	(28)	(17)
Reclassification as held for sale	(56)	0
Foreign currency translation adjustment	(4)	(19)
Other movements	(4)	0
December 31	$ 159	$ 225

TRADE AND OTHER RECEIVABLES - A

TRADE AND OTHER RECEIVABLES - Aging of trade receivables (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Aging of trade receivables
Trade receivables (including contract assets)	$ 185	$ 395
Trade receivables and contract assets
Aging of trade receivables
Trade receivables (including contract assets)	679	544
Trade receivables and contract assets | Cost
Aging of trade receivables
Trade receivables (including contract assets)	838	769
Trade receivables and contract assets | Expected credit losses
Aging of trade receivables
Trade receivables (including contract assets)	$ (159)	$ (225)
Contract assets
Aging of trade receivables
Expected loss rate, %	0.00%	1.00%
Trade receivables (including contract assets)	$ 49	$ 41
Contract assets | Cost
Aging of trade receivables
Trade receivables (including contract assets)	49	41
Contract assets | Expected credit losses
Aging of trade receivables
Trade receivables (including contract assets)	$ 0	$ 0
Trade receivables | Current
Aging of trade receivables
Expected loss rate, %	1.80%	1.30%
Trade receivables (including contract assets)	$ 540	$ 462
Trade receivables | Less than 30 days
Aging of trade receivables
Expected loss rate, %	3.60%	13.60%
Trade receivables (including contract assets)	$ 54	$ 38
Trade receivables | Between 31 and 120 days
Aging of trade receivables
Expected loss rate, %	33.30%	88.90%
Trade receivables (including contract assets)	$ 30	$ 3
Trade receivables | Greater than 120 days
Aging of trade receivables
Expected loss rate, %	95.70%	100.00%
Trade receivables (including contract assets)	$ 6	$ 0
Trade receivables | Cost | Current
Aging of trade receivables
Trade receivables (including contract assets)	550	468
Trade receivables | Cost | Less than 30 days
Aging of trade receivables
Trade receivables (including contract assets)	56	44
Trade receivables | Cost | Between 31 and 120 days
Aging of trade receivables
Trade receivables (including contract assets)	45	27
Trade receivables | Cost | Greater than 120 days
Aging of trade receivables
Trade receivables (including contract assets)	138	189
Trade receivables | Expected credit losses | Current
Aging of trade receivables
Trade receivables (including contract assets)	(10)	(6)
Trade receivables | Expected credit losses | Less than 30 days
Aging of trade receivables
Trade receivables (including contract assets)	(2)	(6)
Trade receivables | Expected credit losses | Between 31 and 120 days
Aging of trade receivables
Trade receivables (including contract assets)	(15)	(24)
Trade receivables | Expected credit losses | Greater than 120 days
Aging of trade receivables
Trade receivables (including contract assets)	$ (132)	$ (189)

OTHER ASSETS AND LIABILITIES -

OTHER ASSETS AND LIABILITIES - Other assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Other Assets And Liabilities
Customer acquisition costs (see Note 3)	$ 149	$ 128
Tax advances (non-income tax)	33	33
Other non-financial assets	34	18
Total other non-current assets	216	179
Advances to suppliers	102	91
Input value added tax	160	159
Prepaid taxes	24	43
Other assets	58	42
Total other current assets	$ 344	$ 335

OTHER ASSETS AND LIABILITIES _2

OTHER ASSETS AND LIABILITIES - Other liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Other Assets And Liabilities
Long-term deferred revenue (see Note 3)	$ 20	$ 17
Other liabilities	16	11
Total other non-current liabilities	36	28
Taxes payable (non-income tax)	318	372
Short-term deferred revenue (see Note 3)	154	158
Customer advances (see Note 3)	58	58
Other payments to authorities	52	95
Due to employees	153	168
Other liabilities	38	32
Total other current liabilities	$ 773	$ 883

PROVISIONS AND CONTINGENT LIA_3

PROVISIONS AND CONTINGENT LIABILITIES - Movement in provisions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of other provisions [line items]
Balance at beginning of the year	$ 292	$ 360
Arising during the year	67	35
Utilized	(13)	(71)
Unused amounts reversed	(77)	(19)
Reclassification as held for sale	(81)
Transfer and reclassification	0	0
Discount rate adjustment and imputed interest (change in estimate)	7	9
Translation adjustments and other	1	(22)
Balance at end of the year	196	292
Non-current	87	141
Current	109	151
Non-income tax provisions
Disclosure of other provisions [line items]
Balance at beginning of the year	86	126
Arising during the year	19	24
Utilized	(12)	(48)
Unused amounts reversed	1	(10)
Reclassification as held for sale	0
Transfer and reclassification	0	0
Discount rate adjustment and imputed interest (change in estimate)	0	0
Translation adjustments and other	(6)	(6)
Balance at end of the year	88	86
Non-current	0	0
Current	88	86
Decommi-ssioning provision
Disclosure of other provisions [line items]
Balance at beginning of the year	141	138
Arising during the year	31	10
Utilized	(1)	(1)
Unused amounts reversed	(19)	0
Reclassification as held for sale	(69)
Transfer and reclassification	0	0
Discount rate adjustment and imputed interest (change in estimate)	7	9
Translation adjustments and other	(3)	(15)
Balance at end of the year	87	141
Non-current	87	141
Current	0	0
Legal provision
Disclosure of other provisions [line items]
Balance at beginning of the year	22	26
Arising during the year	4	0
Utilized	0	0
Unused amounts reversed	(1)	(3)
Reclassification as held for sale	(12)
Transfer and reclassification	0	0
Discount rate adjustment and imputed interest (change in estimate)	0	0
Translation adjustments and other	1	(1)
Balance at end of the year	14	22
Non-current	0	0
Current	14	22
Other provisions
Disclosure of other provisions [line items]
Balance at beginning of the year	43	70
Arising during the year	13	1
Utilized	0	(22)
Unused amounts reversed	(58)	(6)
Reclassification as held for sale	0
Transfer and reclassification	0	0
Discount rate adjustment and imputed interest (change in estimate)	0	0
Translation adjustments and other	9	0
Balance at end of the year	7	43
Non-current	0	0
Current	$ 7	$ 43

PROVISIONS AND CONTINGENT LIA_4

PROVISIONS AND CONTINGENT LIABILITIES - Provisions narrative (Details) $ in Millions, ₨ in Billions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020PKR (₨)	Dec. 31, 2019USD ($)
Disclosure of other provisions [line items]
Reversal of non-income tax provision	$ (81)	$ (55)		$ (153)
Pakistan Mobile Communications Limited
Disclosure of other provisions [line items]
Reversal of non-income tax provision		68	₨ 11.2
Pakistan Mobile Communications Limited | Selling, General, And Administrative Expense
Disclosure of other provisions [line items]
Reversal of non-income tax provision		$ 52	₨ 8.6

PROVISIONS AND CONTINGENT LIA_5

PROVISIONS AND CONTINGENT LIABILITIES - Contingent liabilities narrative (Details) ৳ in Millions, $ in Millions

Apr. 08, 2021motions

Apr. 14, 2020plaintiffs

Feb. 20, 2018

Apr. 27, 2016action

Aug. 13, 2015

May 18, 2015BDT (৳)sim_card

Apr. 01, 2012BDT (৳)operatorsim_card

Dec. 31, 2021USD ($)

Dec. 31, 2020USD ($)

Nov. 20, 2017BDT (৳)

Nov. 20, 2017USD ($)

May 18, 2015USD ($)

Apr. 01, 2012USD ($)

Disclosure of other provisions [line items]

Number of additional named plaintiffs and allegations | plaintiffs

3

Number of parties filed motions | motions

2

Threshold value of other individual contingencies for disclosure | $

$ 5

Total value of all other individual contingencies above threshold other than amounts already disclosed | $

442

$ 484

VEON - Securities Class Action

Disclosure of other provisions [line items]

Number of class action lawsuits filed against the company | action

2

VAT on Replacement SIMs | Banglalink Digital Communications Limited

Disclosure of other provisions [line items]

Legal provisions | $

$ 11

$ 11

NBR | VAT on Replacement SIMs | Banglalink Digital Communications Limited

Disclosure of other provisions [line items]

Unpaid SIM tax

৳ 7,740

$ 90

Number of random SIM cards purchased by NBR

5

Total number of SIM cards issued

7,021,834

Number of other operators that received notices | operator

3

Percentage of exposure of the original demand

8.50%

Assessed SIM tax liability

৳ 7,620

$ 89

LTU | VAT on Replacement SIMs | Banglalink Digital Communications Limited

Disclosure of other provisions [line items]

Unpaid SIM tax

৳ 1,690

$ 20

Number of random SIM cards purchased by Review Committee

1,200

Percentage of incorrectly registered SIM cards

4.83%

Number of SIM cards incorrectly issued

6,887,633

SIM tax payable on incorrectly issued SIM cards

৳ 5,320

$ 62

Percentage of SIM tax deposited

10.00%

10.00%

INCOME TAXES - Income tax payab

INCOME TAXES - Income tax payable (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Major components of tax expense (income) [abstract]
Current tax payable	$ 70	$ 30
Uncertain tax provisions	158	145
Total income tax payable	$ 228	$ 175

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income taxes
Increase in prior period provision	$ 10
Increase in uncertain tax provisions, gross	155
Current and non-current income tax assets	70	$ 73
Deferred tax assets	228	186
Deferred tax liabilities	115	127
Non-recognized losses	9,260	9,212
Lease liabilities
Income taxes
Deferred tax assets	146
Right-of-use assets
Income taxes
Deferred tax liabilities	23
Pakistan Mobile Communications Limited
Income taxes
Estimated financial effect of contingent liabilities	158	175
Luxembourg
Income taxes
Non-recognized losses	6,431	6,285
Netherlands
Income taxes
Non-recognized losses	2,360	2,659
Russian, Algerian and Pakistan
Income taxes
Deferred tax liabilities	98	60
Foreign subsidiaries outside Netherlands
Income taxes
Undistributed earnings of VEON's foreign subsidiaries	$ 7,404	$ 5,241

INCOME TAXES - Income tax expen

INCOME TAXES - Income tax expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Current income taxes
Current year	$ 300	$ 374		$ 439
Adjustments in respect of previous years	43	(1)		5
Total current income taxes	343	373		444
Deferred income taxes
Movement in temporary differences and losses	(65)	(71)		(16)
Changes in tax rates	0	0		(1)
Changes in recognized deferred tax assets	0	2		39
Adjustments in respect of previous years	(22)	9		3
Other	2	0		(7)
Total deferred tax expense / (benefit)	(85)	(60)		18
Income tax expense	258	313	[1]	$ 462	[1]
Deferred tax assets	228	186
Deferred tax liabilities	115	$ 127
Lease Liability Temporary Difference
Deferred income taxes
Deferred tax assets	146
Right Of Use Asset Temporary Difference
Deferred income taxes
Deferred tax liabilities	23
Right-of-use assets
Deferred income taxes
Deferred tax liabilities	23
Lease liabilities
Deferred income taxes
Deferred tax assets	$ 146
[1]	*Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation (see Note 10 )

INCOME TAXES - Reconciliation b

INCOME TAXES - Reconciliation between statutory and effective income tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Effective income tax rate reconciliation, difference due to tax effects
Profit / (loss) before tax from continuing operations	$ 908	$ (82)		$ 1,044
Income tax benefit / (expense) at statutory tax rate (25%)	(227)	21		(261)
Different tax rates in different jurisdictions	7	(28)		21
Non-deductible expenses	(44)	(209)		(90)
Non-taxable income	198	37		5
Adjustments in respect of previous years	(21)	(3)		(49)
Movements in (un)recognized deferred tax assets	(76)	(89)		(13)
Withholding taxes	(73)	(56)		(50)
Uncertain tax positions	(21)	(1)		6
Change in income tax rate	0	0		1
Other	1	(15)		32
Income tax benefit / (expense)	$ (258)	$ (313)	[1]	$ (462)	[1]
Effective tax rate	28.40%	(381.70%)		44.30%
Netherlands
Effective income tax rate reconciliation, difference due to tax effects
Movements in (un)recognized deferred tax assets	$ (73)	$ (101)		$ (42)
Global Telecom Holding S.A.E
Effective income tax rate reconciliation, difference due to tax effects
Movements in (un)recognized deferred tax assets	$ 5	0		$ (43)
Egyptian Tax Authority | Global Telecom Holding S.A.E
Effective income tax rate reconciliation, difference due to tax effects
Other
[1]	*Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation (see Note 10 )

INCOME TAXES - Deferred tax ass

INCOME TAXES - Deferred tax assets and liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in deferred tax liability (asset) [abstract]
Opening balance - liabilities		$ (7)
Opening balance - assets	$ 59
Net income statement movement	85	60
Held for sale	(18)
Other movements	(13)	6
Ending balance - assets	113	59
Property and equipment
Reconciliation of changes in deferred tax liability (asset) [abstract]
Opening balance - liabilities	(274)	(288)
Net income statement movement	125	(23)
Held for sale	7
Other movements	42	37
Ending balance - liabilities	(100)	(274)
Intangible assets
Reconciliation of changes in deferred tax liability (asset) [abstract]
Opening balance - liabilities	(14)	(38)
Net income statement movement	33	19
Held for sale	19
Other movements	(2)	5
Ending balance - liabilities		(14)
Ending balance - assets	36
Trade receivables
Reconciliation of changes in deferred tax liability (asset) [abstract]
Opening balance - assets	43	47
Net income statement movement	7	1
Held for sale	(15)
Other movements	(3)	(5)
Ending balance - assets	32	43
Provisions
Reconciliation of changes in deferred tax liability (asset) [abstract]
Opening balance - assets	28	31
Net income statement movement	2	1
Held for sale	(6)
Other movements	(7)	(4)
Ending balance - assets	17	28
Accounts payable
Reconciliation of changes in deferred tax liability (asset) [abstract]
Opening balance - assets	140	156
Net income statement movement	7	7
Held for sale	(23)
Other movements	(34)	(23)
Ending balance - assets	90	140
Withholding tax on undistributed earnings
Reconciliation of changes in deferred tax liability (asset) [abstract]
Opening balance - liabilities	(60)	(52)
Net income statement movement	(39)	(8)
Held for sale	0
Other movements	1	0
Ending balance - liabilities	(98)	(60)
Tax losses and other balances carried forwards
Reconciliation of changes in deferred tax liability (asset) [abstract]
Opening balance - assets	2,221	2,026
Net income statement movement	35	113
Held for sale	0
Other movements	(64)	82
Ending balance - assets	2,192	2,221
Non-recognized deferred tax assets
Reconciliation of changes in deferred tax liability (asset) [abstract]
Opening balance - liabilities	(2,025)	(1,894)
Net income statement movement	(88)	(46)
Held for sale	0
Other movements	49	(85)
Ending balance - liabilities	(2,064)	(2,025)
Other
Reconciliation of changes in deferred tax liability (asset) [abstract]
Opening balance - assets	0	5
Net income statement movement	3	(4)
Held for sale	0
Other movements	5	(1)
Ending balance - assets	$ 8	$ 0

INCOME TAXES - Deferred taxes (

INCOME TAXES - Deferred taxes (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets and liabilities
Deferred tax assets	$ 228	$ 186
Deferred tax liabilities	(115)	(127)
Deferred tax assets	$ 113	$ 59

INCOME TAXES - Tax losses year

INCOME TAXES - Tax losses year of expiration (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Income taxes
Recognized losses	$ (189)	$ (279)
Recognized DTA	53	76
Non-recognized losses	(9,260)	(9,212)
Non-recognized DTA	1,927	1,911
Recognized credits	(75)	(121)
Recognized DTA	75	121
Non-recognized credits	(567)	(492)
Non-recognized DTA	137	115
0-5 years
Income taxes
Recognized losses	(15)	0
Recognized DTA	3	0
Non-recognized losses	0	(1,546)
Non-recognized DTA	0	387
Recognized credits	(2)	(19)
Recognized DTA	2	19
Non-recognized credits	0	0
Non-recognized DTA	0	0
6-10 years
Income taxes
Recognized losses	0	(107)
Recognized DTA	0	27
Non-recognized losses	0	(1,006)
Non-recognized DTA	0	252
Recognized credits	(73)	(102)
Recognized DTA	73	102
Non-recognized credits	0	0
Non-recognized DTA	0	0
More than 10 years
Income taxes
Recognized losses	0	0
Recognized DTA	0	0
Non-recognized losses	(707)	0
Non-recognized DTA	131	0
Recognized credits	0	0
Recognized DTA	0	0
Non-recognized credits	0	0
Non-recognized DTA	0	0
Indefinite
Income taxes
Recognized losses	(174)	(172)
Recognized DTA	50	49
Non-recognized losses	(8,553)	(6,660)
Non-recognized DTA	1,796	1,272
Recognized credits	0	0
Recognized DTA	0	0
Non-recognized credits	(567)	(492)
Non-recognized DTA	$ 137	$ 115

SIGNIFICANT TRANSACTIONS - Summ

SIGNIFICANT TRANSACTIONS - Summary of assets and liabilities disposed of relating to NTC (Details) - Discontinued operations - Assets and liabilities classified as held for sale - National Tower Company J C S N T C $ in Millions	Dec. 31, 2021USD ($)
Disclosure of analysis of single amount of discontinued operations [line items]
Property and equipment	$ 264
Goodwill	222
Other current assets	24
Total assets	510
Total non-current liabilities	127
Current liabilities	23
Total liabilities held for sale	$ 150

SIGNIFICANT TRANSACTIONS - Sign

SIGNIFICANT TRANSACTIONS - Significant Transactions in 2021 (Details) ₽ in Millions, $ / mHz in Millions, $ in Millions, ৳ in Billions

Dec. 01, 2021USD ($)

Sep. 05, 2021USD ($)

Sep. 05, 2021RUB (₽)

Jul. 19, 2021USD ($)

Jul. 22, 2019USD ($)numberOfMegahertz$ / mHz

Jun. 30, 2021USD ($)

Dec. 31, 2021USD ($)towerextensionOption

Dec. 31, 2020USD ($)

Sep. 30, 2021USD ($)

Mar. 31, 2021USD ($)numberOfMegahertz

Mar. 31, 2021BDT (৳)numberOfMegahertz

May 31, 2020USD ($)

Dec. 31, 2019USD ($)

Aug. 21, 2019

Investments in subsidiaries

Goodwill

$ 1,542

$ 2,682

$ 3,959

Right-of-use assets

$ 1,833

1,734

$ 1,985

Lease, Renewal Options | extensionOption

10

Trade receivables (including contract assets)

$ 185

395

Additions

$ 710

267

Long Term Lease Agreement N T C | National Tower Company J C S N T C

Investments in subsidiaries

Number of towers | tower

15,400

Increase Decrease In Number Of Towers Leased | tower

5,000

Licences [member]

Investments in subsidiaries

Additions

$ 384

$ 384

Service cost liability

65

At amortized cost

Investments in subsidiaries

Trade receivables (including contract assets)

148

364

At amortized cost | Security deposits and cash collateral

Investments in subsidiaries

Trade receivables (including contract assets)

$ 49

$ 325

PTA License Renewal

Investments in subsidiaries

License renewal assessment, tax percentage

13.00%

PTA License Renewal | At amortized cost | Security deposits and cash collateral

Investments in subsidiaries

Trade receivables (including contract assets)

$ 326

$ 225

$ 57

Initial License Payment Percentage

50.00%

PTA License Renewal | 900 MHz Spectrum

Investments in subsidiaries

License renewal assessment, amount per spectrum block | $ / mHz

40

Frequency bands | numberOfMegahertz

900

License renewal assessment, total amount

$ 450

PTA License Renewal | 1800 MHz spectrum

Investments in subsidiaries

License renewal assessment, amount per spectrum block | $ / mHz

30

Frequency bands | numberOfMegahertz

1,800

National Tower Company J C S N T C

Investments in subsidiaries

Consideration paid

$ 945

₽ 70,650

Goodwill

$ 215

Gain on sale of subsidiary

$ 101

National Tower Company J C S N T C | Long Term Lease Agreement N T C

Investments in subsidiaries

Lease Term

8 years

Service Telecom Group of Companies

Investments in subsidiaries

Lease Term

8 years

Goodwill

$ 168

Right-of-use assets

101

Lease liabilities

$ 718

Lease commitments

$ 263

Banglalink Digital Communications Limited

Investments in subsidiaries

Spectrum cost

$ 115

৳ 10

Proportion of ownership interest in subsidiary

100.00%

100.00%

Banglalink Digital Communications Limited | 4 MHz Spectrum

Investments in subsidiaries

Frequency bands | numberOfMegahertz

4.4

4.4

Banglalink Digital Communications Limited | 5 MHz Spectrum

Investments in subsidiaries

Frequency bands | numberOfMegahertz

5

5

Banglalink Digital Communications Limited | 2100 MHz spectrum

Investments in subsidiaries

Frequency bands | numberOfMegahertz

2,100

2,100

Banglalink Digital Communications Limited | 30 MHz Spectrum

Investments in subsidiaries

Frequency bands | numberOfMegahertz

30.6

30.6

Banglalink Digital Communications Limited | 40 MHz Spectrum

Investments in subsidiaries

Frequency bands | numberOfMegahertz

40

40

Banglalink Digital Communications Limited | 1800 MHz spectrum

Investments in subsidiaries

Frequency bands | numberOfMegahertz

1,800

1,800

OTM

Investments in subsidiaries

Consideration paid

$ (16)

Proportion of ownership interest in subsidiary

67.00%

SIGNIFICANT TRANSACTIONS - Si_2

SIGNIFICANT TRANSACTIONS - Significant Transactions in 2019 and 2020 (Details) ج.م. / shares in Units, ج.م. in Millions, $ in Millions	1 Months Ended				6 Months Ended	12 Months Ended
	Oct. 31, 2020USD ($)	Aug. 31, 2019USD ($)shares	Aug. 31, 2019EGP (ج.م.)shares	Apr. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)		Dec. 31, 2019USD ($)		Aug. 31, 2019ج.م. / shares
Investments in subsidiaries
Assets						$ 15,921	$ 14,551
Reclassification adjustments on exchange differences on translation, net of tax						0	(96)		$ 0
Gain / (loss) on disposal of subsidiaries						(101)	78	[1]	(1)	[1]
Foreign currency translation						(200)	$ (623)		49
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity						7			608
Ericsson
Investments in subsidiaries
Other operating gains					$ 350
Other capital reserves
Investments in subsidiaries
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity						$ 76			$ 2,594
Global Telecom Holding S.A.E
Investments in subsidiaries
Proportion of ownership interest in subsidiary						99.60%	99.60%		99.54%
Book values of material NCIs		$ 1,986
Cost of acquisition of non-controlling interest		608
Global Telecom Holding S.A.E | Other capital reserves
Investments in subsidiaries
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity		2,594
VEON Finance Ireland Designated Activity Company
Investments in subsidiaries
Consideration paid	$ (51)
Assets	33
Reclassification adjustments on exchange differences on translation, net of tax	96
Gain / (loss) on disposal of subsidiaries	$ 78
Proportion of ownership interest in subsidiary						100.00%	0.00%
Global Telecom Holding S.A.E
Investments in subsidiaries
Consideration paid		$ 587	ج.م. 9,725
Number of shares acquired (in shares) | shares		1,914,322,110	1,914,322,110
Percentage of voting equity interests acquired		40.55%
Mandatory tender offer, price per share (in EGP per share) | ج.م. / shares											ج.م. 5.08
Kazakhstan | Kcell Joint Stock Company
Investments in subsidiaries
Settlement received due to termination of network sharing agreement				$ 38
[1]	*Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation (see Note 10 )

HELD FOR SALE AND DISCONTINUE_3

HELD FOR SALE AND DISCONTINUED OPERATIONS - Summary of details over assets and liabilities classified as held-for-sale (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Non-current assets or disposal groups classified as held for sale	$ 1,864	$ 0
Liabilities associated with assets held for sale	391	0
Assets and liabilities classified as held for sale
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Non-current assets or disposal groups classified as held for sale	1,864
Liabilities associated with assets held for sale	391
Assets and liabilities classified as held for sale | Omnium Telecom Algerie SpA
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Non-current assets or disposal groups classified as held for sale	1,846
Liabilities associated with assets held for sale	391
Assets and liabilities classified as held for sale | Other Individual Assets
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Non-current assets or disposal groups classified as held for sale	$ 18
Liabilities associated with assets held for sale		$ 0

HELD FOR SALE AND DISCONTINUE_4

HELD FOR SALE AND DISCONTINUED OPERATIONS - Narrative (Details) - USD ($) $ in Millions	Jul. 01, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments in subsidiaries
Total equity		$ 1,505	$ 1,013	$ 2,220	$ 2,775
Reserve of exchange differences on translation
Investments in subsidiaries
Total equity		(8,933)	$ (8,775)	$ (8,312)	$ (8,416)
Omnium Telecom Algerie SpA
Investments in subsidiaries
Put option, percentage ownership sold	45.57%
Omnium Telecom Algerie SpA | Forecast
Investments in subsidiaries
Consideration paid		$ 682

HELD FOR SALE AND DISCONTINUE_5

HELD FOR SALE AND DISCONTINUED OPERATIONS - Summary of profit loss and other comprehensive income relating to Algeria operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Operating revenue	$ 7,788	$ 7,291	[1]	$ 8,089	[1]
Profit / (loss) before tax from continuing operations	908	(82)	[1],[2]	1,044	[1],[2]
Income tax benefit / (expense)	258	313	[1]	462	[1]
Profit / (loss) for the period	801	(316)	[1]	683	[1]
Other comprehensive income / (loss)	(203)	(541)		56
Total comprehensive income / (loss)	598	(857)		$ 739
Assets and liabilities classified as held for sale | Omnium Telecom Algerie SpA
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Operating revenue	659	689
Operating expense	(470)	(564)
Other expenses	(17)	(17)
Profit / (loss) before tax from continuing operations	172	108
Income tax benefit / (expense)	(21)	(29)
Profit / (loss) for the period	151	79
Other comprehensive income / (loss)	(68)	(157)
Total comprehensive income / (loss)	$ 83	$ (78)
[1]	*Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation (see Note 10 )
[2]	* Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation ( see note 10 )

HELD FOR SALE AND DISCONTINUE_6

HELD FOR SALE AND DISCONTINUED OPERATIONS - Summary of assets and liabilities classified as held-for-sale relating to Algeria (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Property and equipment	$ 6,717	$ 6,879
Goodwill	1,542	2,682	$ 3,959
Deferred tax assets	113	59
Other current assets	344	335
Total assets	15,921	14,551
Non-current liabilities	9,642	9,128
Current liabilities	4,383	4,410
Total equity	1,505	1,013	2,220	$ 2,775
Reserve of exchange differences on translation
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Total equity	(8,933)	$ (8,775)	$ (8,312)	$ (8,416)
Assets and liabilities classified as held for sale
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Property and equipment	527
Intangible assets excl. goodwill	111
Goodwill	1,001
Deferred tax assets	35
Other current assets	172
Total assets	1,846
Non-current liabilities	106
Current liabilities	285
Total liabilities held for sale	391
Assets and liabilities classified as held for sale | Reserve of exchange differences on translation
Disclosure of Analysis of Assets and Liabilities Held For Sale [Line Items]
Total equity	$ 667

IMPAIRMENT OF ASSETS - Impairme

IMPAIRMENT OF ASSETS - Impairment losses (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2019
Impairment losses
Impairment loss recognised in profit or loss		$ 20	$ 785	$ 108
Recoverable amount					$ 42
Property and equipment
Impairment losses
Impairment loss recognised in profit or loss		13	43	51
Intangible assets
Impairment losses
Impairment loss recognised in profit or loss		5	8	3
Goodwill
Impairment losses
Impairment loss recognised in profit or loss		0	723	54
Other
Impairment losses
Impairment loss recognised in profit or loss		2	11	0
Russia
Impairment losses
Impairment loss recognised in profit or loss		(7)	723
Russia | Property and equipment
Impairment losses
Impairment loss recognised in profit or loss		(7)	0
Russia | Intangible assets
Impairment losses
Impairment loss recognised in profit or loss		0	0
Russia | Goodwill
Impairment losses
Impairment loss recognised in profit or loss		0	723
Recoverable amount	$ 3,001
Russia | Other
Impairment losses
Impairment loss recognised in profit or loss		0	0
Kyrgyzstan
Impairment losses
Impairment loss recognised in profit or loss		19	64	90
Kyrgyzstan | Property and equipment
Impairment losses
Impairment loss recognised in profit or loss		12	38	33
Kyrgyzstan | Intangible assets
Impairment losses
Impairment loss recognised in profit or loss		5	8	3
Kyrgyzstan | Goodwill
Impairment losses
Impairment loss recognised in profit or loss		0	0	54
Kyrgyzstan | Other
Impairment losses
Impairment loss recognised in profit or loss		2	18	0
Other
Impairment losses
Impairment loss recognised in profit or loss		8	(2)	18
Other | Property and equipment
Impairment losses
Impairment loss recognised in profit or loss		8	5	18
Other | Intangible assets
Impairment losses
Impairment loss recognised in profit or loss		0	0	0
Other | Goodwill
Impairment losses
Impairment loss recognised in profit or loss		0	0	0
Other | Other
Impairment losses
Impairment loss recognised in profit or loss		$ 0	$ (7)	$ 0

IMPAIRMENT OF ASSETS - Key assu

IMPAIRMENT OF ASSETS - Key assumptions (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Key assumptions for determining the recoverable amount
Budget and forecast period	5 years
Maturity period for an United States treasury bond	20 years
Median historical capital structure term	5 years
Cash flow forecasts for license and spectrum payments term	5 years
Russia
Key assumptions for determining the recoverable amount
Discount rate	9.30%	10.10%	9.10%
Average annual revenue growth rate during forecast period	4.60%	4.30%	1.40%
Terminal growth rate	1.60%	1.80%	1.60%
Average operating margin during the forecast period	33.10%	31.20%	34.70%
Terminal period operating margin	35.50%	35.70%	34.50%
Average CAPEX as a percentage of revenue during the forecast period	25.50%	27.90%	19.90%
Terminal period CAPEX as a percentage of revenue	21.00%	21.00%	18.50%
Algeria
Key assumptions for determining the recoverable amount
Discount rate	0.00%	11.60%	10.40%
Average annual revenue growth rate during forecast period	0.00%	4.30%	1.00%
Terminal growth rate	0.00%	1.00%	1.00%
Average operating margin during the forecast period	0.00%	39.90%	42.60%
Terminal period operating margin	0.00%	40.40%	43.10%
Average CAPEX as a percentage of revenue during the forecast period	0.00%	15.20%	12.50%
Terminal period CAPEX as a percentage of revenue	0.00%	14.00%	12.00%
Pakistan
Key assumptions for determining the recoverable amount
Discount rate	14.70%	18.20%	14.50%
Average annual revenue growth rate during forecast period	6.40%	9.70%	3.90%
Terminal growth rate	5.50%	5.80%	2.70%
Average operating margin during the forecast period	43.40%	42.00%	47.30%
Terminal period operating margin	42.00%	44.60%	47.30%
Average CAPEX as a percentage of revenue during the forecast period	22.00%	19.60%	17.20%
Terminal period CAPEX as a percentage of revenue	20.00%	18.90%	17.10%
Kazakhstan
Key assumptions for determining the recoverable amount
Discount rate	9.40%	10.30%	9.20%
Average annual revenue growth rate during forecast period	6.60%	5.30%	5.30%
Terminal growth rate	1.00%	3.10%	3.30%
Average operating margin during the forecast period	48.80%	49.50%	49.90%
Terminal period operating margin	47.00%	50.00%	50.10%
Average CAPEX as a percentage of revenue during the forecast period	19.90%	19.80%	20.00%
Terminal period CAPEX as a percentage of revenue	20.00%	19.00%	19.50%
Kyrgyzstan
Key assumptions for determining the recoverable amount
Discount rate	0.00%	0.00%	14.10%
Average annual revenue growth rate during forecast period	0.00%	0.00%	1.60%
Terminal growth rate	0.00%	0.00%	5.00%
Average operating margin during the forecast period	0.00%	0.00%	31.40%
Terminal period operating margin	0.00%	0.00%	33.00%
Average CAPEX as a percentage of revenue during the forecast period	0.00%	0.00%	26.90%
Terminal period CAPEX as a percentage of revenue	0.00%	0.00%	20.00%
Uzbekistan
Key assumptions for determining the recoverable amount
Discount rate	11.80%	13.80%	14.50%
Average annual revenue growth rate during forecast period	3.70%	3.20%	4.10%
Terminal growth rate	3.00%	5.10%	6.00%
Average operating margin during the forecast period	40.90%	34.00%	51.40%
Terminal period operating margin	34.00%	34.00%	52.40%
Average CAPEX as a percentage of revenue during the forecast period	20.20%	21.40%	19.40%
Terminal period CAPEX as a percentage of revenue	21.00%	21.00%	20.10%

PROPERTY AND EQUIPMENT - Moveme

PROPERTY AND EQUIPMENT - Movement in property and equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in property, plant and equipment [abstract]
Property and equipment at beginning of period	$ 6,879
Impairment	(13)	$ (43)
Property and equipment at end of period	6,717	6,879
Right-of-use assets at beginning of period	1,734	1,985
Additions	712	446
Disposals	(100)	(14)
Depreciation charge for the year	(409)	(416)
Reclassification as held for sale	(80)
Impairment	(2)	(5)
Transfers	(2)	(2)
Translation adjustment	(20)	(260)
Right-of-use assets at end of period	1,833	1,734
Property, plant and equipment and right-of-use assets at beginning of period	6,879	7,340
Additions	2,342	2,153
Disposals	(311)	(91)
Depreciation charge for the year	(1,545)	(1,576)
Reclassification as held for sale	(504)
Impairment	(13)	(43)
Transfers	5	0
Translation adjustment	(136)	(904)
Property, plant and equipment and right-of-use assets at end of period	6,717	6,879
Cost
Reconciliation of changes in property, plant and equipment [abstract]
Right-of-use assets at end of period	2,864
Property, plant and equipment and right-of-use assets at end of period	16,452
Accumulated depreciation and impairment
Reconciliation of changes in property, plant and equipment [abstract]
Right-of-use assets at end of period	(1,031)
Property, plant and equipment and right-of-use assets at end of period	(9,735)
Telecommunication equipment
Reconciliation of changes in property, plant and equipment [abstract]
Property and equipment at beginning of period	4,050	4,306
Additions	50	47
Disposals	(198)	(50)
Depreciation charge for the year	(990)	(1,009)
Reclassification as held for sale	(367)
Impairment		(28)
Transfers	1,428	1,282
Translation adjustment	(101)	(498)
Property and equipment at end of period	3,860	4,050
Write-downs (reversals of write-downs) of property, plant and equipment	12
Telecommunication equipment | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property and equipment at end of period	11,233
Telecommunication equipment | Accumulated depreciation and impairment
Reconciliation of changes in property, plant and equipment [abstract]
Property and equipment at end of period	(7,373)
Land, buildings and constructions
Reconciliation of changes in property, plant and equipment [abstract]
Property and equipment at beginning of period	159	216
Additions	3	2
Disposals	(1)	(5)
Depreciation charge for the year	(22)	(28)
Reclassification as held for sale	(6)
Impairment		(1)
Transfers	16	5
Translation adjustment	2	(30)
Property and equipment at end of period	151	159
Write-downs (reversals of write-downs) of property, plant and equipment	0
Land, buildings and constructions | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property and equipment at end of period	374
Land, buildings and constructions | Accumulated depreciation and impairment
Reconciliation of changes in property, plant and equipment [abstract]
Property and equipment at end of period	(223)
Office and other equipment
Reconciliation of changes in property, plant and equipment [abstract]
Property and equipment at beginning of period	368	417
Additions	18	32
Disposals	(5)	(10)
Depreciation charge for the year	(124)	(123)
Reclassification as held for sale	(9)
Impairment		(2)
Transfers	182	111
Translation adjustment	(6)	(57)
Property and equipment at end of period	422	368
Write-downs (reversals of write-downs) of property, plant and equipment	2
Office and other equipment | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property and equipment at end of period	1,428
Office and other equipment | Accumulated depreciation and impairment
Reconciliation of changes in property, plant and equipment [abstract]
Property and equipment at end of period	(1,006)
Equipment not installed and assets under construction
Reconciliation of changes in property, plant and equipment [abstract]
Property and equipment at beginning of period	568	416
Additions	1,559	1,626
Disposals	(7)	(12)
Depreciation charge for the year	0	0
Reclassification as held for sale	(42)
Impairment		(7)
Transfers	(1,619)	(1,396)
Translation adjustment	(11)	(59)
Property and equipment at end of period	451	$ 568
Write-downs (reversals of write-downs) of property, plant and equipment	(3)
Equipment not installed and assets under construction | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property and equipment at end of period	553
Equipment not installed and assets under construction | Accumulated depreciation and impairment
Reconciliation of changes in property, plant and equipment [abstract]
Property and equipment at end of period	$ (102)

PROPERTY AND EQUIPMENT - Narrat

PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of quantitative information about right-of-use assets [line items]
Impairment	$ 13	$ 43
Additions	712	446
Acquired property and equipment, not yet paid	726	601
Property plant and equipment pledged as security for bank borrowings	919	$ 865
Russia And Ukraine
Disclosure of quantitative information about right-of-use assets [line items]
Additions	$ 171

PROPERTY AND EQUIPMENT - Move_2

PROPERTY AND EQUIPMENT - Movement in right-of-use assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at beginning of period	$ 1,734	$ 1,985
Additions	712	446
Disposals	(100)	(14)
Depreciation charge for the year	(409)	(416)
Reclassification as held for sale	(80)
Impairment	(2)	(5)
Transfers	(2)	(2)
Translation adjustment	(20)	(260)
Right-of-use assets at end of period	1,833	1,734
Cost
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at end of period	2,864
Accumulated depreciation and impairment
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at end of period	(1,031)
Telecommunication equipment
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at beginning of period	1,436	1,638
Additions	642	339
Disposals	(100)	(14)
Depreciation charge for the year	(320)	(309)
Reclassification as held for sale	(71)
Impairment	0	(1)
Transfers	(4)	0
Translation adjustment	(16)	(217)
Right-of-use assets at end of period	1,567	1,436
Telecommunication equipment | Cost
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at end of period	2,334
Telecommunication equipment | Accumulated depreciation and impairment
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at end of period	(767)
Land, buildings and constructions
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at beginning of period	293	344
Additions	65	102
Disposals	0	0
Depreciation charge for the year	(86)	(105)
Reclassification as held for sale	(9)
Impairment	(2)	(4)
Transfers	2	(2)
Translation adjustment	(3)	(42)
Right-of-use assets at end of period	260	293
Land, buildings and constructions | Cost
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at end of period	518
Land, buildings and constructions | Accumulated depreciation and impairment
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at end of period	(258)
Office and other equipment
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at beginning of period	5	3
Additions	5	5
Disposals	0	0
Depreciation charge for the year	(3)	(2)
Reclassification as held for sale	0
Impairment	0	0
Transfers	0	0
Translation adjustment	(1)	(1)
Right-of-use assets at end of period	6	$ 5
Office and other equipment | Cost
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at end of period	12
Office and other equipment | Accumulated depreciation and impairment
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets at end of period	$ (6)

PROPERTY AND EQUIPMENT - Commit

PROPERTY AND EQUIPMENT - Commitments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of capital commitments [line items]
Total commitments	$ 969	$ 766
Less than 1 year
Disclosure of capital commitments [line items]
Total commitments	709	747
Less than 1 year | Russia And NTC
Disclosure of capital commitments [line items]
Total commitments	4
Between 1 and 5 years
Disclosure of capital commitments [line items]
Total commitments	62	19
Between 1 and 5 years | Russia And NTC
Disclosure of capital commitments [line items]
Total commitments	61
More than 5 years
Disclosure of capital commitments [line items]
Total commitments	198	$ 0
More than 5 years | Russia And NTC
Disclosure of capital commitments [line items]
Total commitments	$ 198

PROPERTY AND EQUIPMENT - Useful

PROPERTY AND EQUIPMENT - Useful life of property and equipment (Details)	12 Months Ended
	Dec. 31, 2021
Minimum | Telecommunication equipment
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	3 years
Minimum | Buildings and constructions
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	10 years
Minimum | Office and other equipment
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	3 years
Maximum | Telecommunication equipment
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	20 years
Maximum | Buildings and constructions
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	50 years
Maximum | Office and other equipment
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	10 years

INTANGIBLE ASSETS - Summary of

INTANGIBLE ASSETS - Summary of the movement in the net book value of intangible assets (Details) - USD ($) $ in Millions	Jul. 19, 2021	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in intangible assets and goodwill [abstract]
Balance at beginning of the period		$ 4,152	$ 5,688
Additions		710	267
Disposals		(52)	(6)
Amortization charge for the year		(308)	(343)
Reclassification as held for sale		1,150
Impairment		(5)	(731)
Transfer		(1)	0
Translation adjustment		(102)	(723)
Balance at end of the period		3,244	4,152
Acquired intangible assets, not yet paid		171	56
Additions		710	267
Telecommunication licenses, frequencies & permissions
Reconciliation of changes in intangible assets and goodwill [abstract]
Balance at beginning of the period		921	1,100
Additions		482	53
Disposals		(1)	0
Amortization charge for the year		(162)	(139)
Reclassification as held for sale		34
Impairment		(4)	(5)
Transfer		40	0
Translation adjustment		(40)	(88)
Balance at end of the period		1,202	921
Additions		482	53
Software
Reconciliation of changes in intangible assets and goodwill [abstract]
Balance at beginning of the period		301	316
Additions		184	188
Disposals		(1)	(6)
Amortization charge for the year		(135)	(159)
Reclassification as held for sale		9
Impairment		(1)	(3)
Transfer		11	6
Translation adjustment		0	(41)
Balance at end of the period		350	301
Additions		184	188
Brands and trademarks
Reconciliation of changes in intangible assets and goodwill [abstract]
Balance at beginning of the period		117	149
Additions		0	3
Disposals		0	0
Amortization charge for the year		8	(23)
Reclassification as held for sale		73
Impairment		0	0
Transfer		(39)	0
Translation adjustment		1	(12)
Balance at end of the period		14	117
Additions		0	3
Customer relationships
Reconciliation of changes in intangible assets and goodwill [abstract]
Balance at beginning of the period		116	142
Additions		1	5
Disposals		0	0
Amortization charge for the year		(15)	(15)
Reclassification as held for sale		0
Impairment		0	0
Transfer		0	0
Translation adjustment		(2)	(16)
Balance at end of the period		100	116
Additions		1	5
Other intangible assets
Reconciliation of changes in intangible assets and goodwill [abstract]
Balance at beginning of the period		15	22
Additions		29	5
Disposals		1	0
Amortization charge for the year		(4)	(7)
Reclassification as held for sale		0
Impairment		0	0
Transfer		(6)	(6)
Translation adjustment		1	1
Balance at end of the period		36	15
Additions		29	5
Goodwill
Reconciliation of changes in intangible assets and goodwill [abstract]
Balance at beginning of the period		2,682	3,959
Additions		14	13
Disposals		(51)	0
Amortization charge for the year		0	0
Reclassification as held for sale		1,034
Impairment		0	(723)
Transfer		(7)	0
Translation adjustment		(62)	(567)
Balance at end of the period		1,542	2,682
Additions		14	$ 13
Licences
Reconciliation of changes in intangible assets and goodwill [abstract]
Additions	$ 384	384
Additions	$ 384	384
Cost
Reconciliation of changes in intangible assets and goodwill [abstract]
Balance at end of the period		8,037
Cost | Telecommunication licenses, frequencies & permissions
Reconciliation of changes in intangible assets and goodwill [abstract]
Balance at end of the period		2,455
Cost | Software
Reconciliation of changes in intangible assets and goodwill [abstract]
Balance at end of the period		1,014
Cost | Brands and trademarks
Reconciliation of changes in intangible assets and goodwill [abstract]
Balance at end of the period		240
Cost | Customer relationships
Reconciliation of changes in intangible assets and goodwill [abstract]
Balance at end of the period		687
Cost | Other intangible assets
Reconciliation of changes in intangible assets and goodwill [abstract]
Balance at end of the period		102
Cost | Goodwill
Reconciliation of changes in intangible assets and goodwill [abstract]
Balance at end of the period		3,539
Accumulated depreciation and impairment
Reconciliation of changes in intangible assets and goodwill [abstract]
Balance at end of the period		(4,793)
Accumulated depreciation and impairment | Telecommunication licenses, frequencies & permissions
Reconciliation of changes in intangible assets and goodwill [abstract]
Balance at end of the period		(1,253)
Accumulated depreciation and impairment | Software
Reconciliation of changes in intangible assets and goodwill [abstract]
Balance at end of the period		(664)
Accumulated depreciation and impairment | Brands and trademarks
Reconciliation of changes in intangible assets and goodwill [abstract]
Balance at end of the period		(226)
Accumulated depreciation and impairment | Customer relationships
Reconciliation of changes in intangible assets and goodwill [abstract]
Balance at end of the period		(587)
Accumulated depreciation and impairment | Other intangible assets
Reconciliation of changes in intangible assets and goodwill [abstract]
Balance at end of the period		(66)
Accumulated depreciation and impairment | Goodwill
Reconciliation of changes in intangible assets and goodwill [abstract]
Balance at end of the period		$ (1,997)

INTANGIBLE ASSETS - Movement in

INTANGIBLE ASSETS - Movement in goodwill per cash-generating unit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in goodwill [abstract]
Goodwill at beginning of period	$ 2,682	$ 3,959
Impairment	0	(723)
Translation adjustment	(62)	(567)
Addition	14	13
Reclassification as held for sale	(1,034)
Disposal	(51)
Other	(7)
Goodwill at end of period	1,542	2,682
Russia
Reconciliation of changes in goodwill [abstract]
Goodwill at beginning of period	1,131	2,265
Impairment	0	(723)
Translation adjustment	(10)	(424)
Addition	14	13
Reclassification as held for sale	0
Disposal	(51)
Other	0
Goodwill at end of period	1,084	1,131
Algeria
Reconciliation of changes in goodwill [abstract]
Goodwill at beginning of period	1,053	1,167
Impairment	0	0
Translation adjustment	(19)	(114)
Addition	0	0
Reclassification as held for sale	(1,034)
Disposal	0
Other	0
Goodwill at end of period	0	1,053
Pakistan
Reconciliation of changes in goodwill [abstract]
Goodwill at beginning of period	324	335
Impairment	0	0
Translation adjustment	(30)	(11)
Addition	0	0
Reclassification as held for sale	0
Disposal	0
Other	(7)
Goodwill at end of period	287	324
Kazakhstan
Reconciliation of changes in goodwill [abstract]
Goodwill at beginning of period	140	154
Impairment	0	0
Translation adjustment	(4)	(14)
Addition	0	0
Reclassification as held for sale	0
Disposal	0
Other	0
Goodwill at end of period	136	140
Uzbekistan
Reconciliation of changes in goodwill [abstract]
Goodwill at beginning of period	34	38
Impairment	0	0
Translation adjustment	1	(4)
Addition	0	0
Reclassification as held for sale	0
Disposal	0
Other	0
Goodwill at end of period	$ 35	$ 34

INTANGIBLE ASSETS - Schedule of

INTANGIBLE ASSETS - Schedule of Capital Commitments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of capital commitments [line items]
Contractual commitments for acquisition of intangible assets	$ 58	$ 31
Less than 1 year
Disclosure of capital commitments [line items]
Contractual commitments for acquisition of intangible assets	$ 58	$ 31

INTANGIBLE ASSETS - Amortizatio

INTANGIBLE ASSETS - Amortization period (Details)	12 Months Ended
	Dec. 31, 2021
Telecommunications licenses, frequencies and permissions | Minimum
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	3 years
Telecommunications licenses, frequencies and permissions | Maximum
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	20 years
Software | Minimum
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	3 years
Software | Maximum
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	10 years
Brands and trademarks | Minimum
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	3 years
Brands and trademarks | Maximum
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	15 years
Customer relationships | Minimum
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	10 years
Customer relationships | Maximum
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	21 years
Other intangible assets | Minimum
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	4 years
Other intangible assets | Maximum
Intangible assets
Useful life measured as period of time, intangible assets other than goodwill	10 years

INVESTMENTS IN SUBSIDIARIES - I

INVESTMENTS IN SUBSIDIARIES - Information about significant subsidiaries (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
VEON Amsterdam B.V.
Investments in subsidiaries
Equity interest held by the Group	100.00%	100.00%
Veon Holdings B.v.
Investments in subsidiaries
Equity interest held by the Group	100.00%	100.00%
PJSC VimpelCom
Investments in subsidiaries
Equity interest held by the Group	100.00%	100.00%
JSC “Kyivstar”
Investments in subsidiaries
Equity interest held by the Group	100.00%	100.00%
LLP “KaR-Tel”
Investments in subsidiaries
Equity interest held by the Group	75.00%	75.00%
LLC “Unitel”
Investments in subsidiaries
Equity interest held by the Group	100.00%	100.00%
LLC “VEON Georgia”
Investments in subsidiaries
Equity interest held by the Group	100.00%	80.00%
VEON Finance Ireland Designated Activity Company
Investments in subsidiaries
Equity interest held by the Group	100.00%	0.00%
LLC “Sky Mobile”
Investments in subsidiaries
Equity interest held by the Group	50.10%	50.10%
VEON Luxembourg Holdings S.à r.l.
Investments in subsidiaries
Equity interest held by the Group	100.00%	100.00%
VEON Luxembourg Finance Holdings S.à r.l.
Investments in subsidiaries
Equity interest held by the Group	100.00%	100.00%
VEON Luxembourg Finance S.A.
Investments in subsidiaries
Equity interest held by the Group	100.00%	100.00%
Global Telecom Holding S.A.E
Investments in subsidiaries
Equity interest held by the Group	99.60%	99.60%	99.54%
Omnium Telecom Algérie S.p.A. (“OTA”)
Investments in subsidiaries
Equity interest held by the Group	45.60%	45.40%
Distributable profit percentage	42.50%
Optimum Telecom Algeria S.p.A.*
Investments in subsidiaries
Equity interest held by the Group	45.60%	45.40%
Distributable profit percentage	42.50%
Pakistan Mobile Communications Limited
Investments in subsidiaries
Equity interest held by the Group	100.00%	85.00%
Banglalink Digital Communications Limited
Investments in subsidiaries
Equity interest held by the Group	100.00%	100.00%

INVESTMENTS IN SUBSIDIARIES - F

INVESTMENTS IN SUBSIDIARIES - Financial information of subsidiaries that have material NCIs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019	[1]
Investments in subsidiaries
Profit / (loss) attributable to material NCIs	$ 127	$ 33	[1]	$ 62
Kar-Tel
Investments in subsidiaries
Equity interest held by NCIs	25.00%	25.00%
Book values of material NCIs	$ 96	$ 97
Profit / (loss) attributable to material NCIs	$ 29	$ 26
Omnium Telecom Algérie S.p.A. (“OTA”)
Investments in subsidiaries
Equity interest held by NCIs	54.40%	54.40%
Book values of material NCIs	$ 732	$ 783
Profit / (loss) attributable to material NCIs	$ 29	$ 43
[1]	*Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation (see Note 10 )

INVESTMENTS IN SUBSIDIARIES - S

INVESTMENTS IN SUBSIDIARIES - Summarized income statement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Summarized income statement
Operating revenue	$ 7,788	$ 7,291	[1]	$ 8,089	[1]
Profit / (loss) before tax from continuing operations	908	(82)	[1],[2]	1,044	[1],[2]
Income tax expense	(258)	(313)	[1]	(462)	[1]
Profit / (loss) for the period	801	(316)	[1]	683	[1]
Total comprehensive income / (loss)	598	(857)		739
Attributed to NCIs	85	(57)		6
Kar-Tel
Summarized income statement
Operating revenue	529	446		461
Operating expenses	(370)	(316)		(319)
Other (expenses) / income	(9)	4		(6)
Profit / (loss) before tax from continuing operations	150	134		136
Income tax expense	(32)	(28)		(29)
Profit / (loss) for the period	118	106		107
Total comprehensive income / (loss)	118	106		107
Attributed to NCIs	29	26		27
Dividends paid to NCIs	0	0		0
OTA
Summarized income statement
Operating revenue	658	689		775
Operating expenses	(567)	(564)		(621)
Other (expenses) / income	(16)	(17)		(17)
Profit / (loss) before tax from continuing operations	75	108		137
Income tax expense	(21)	(29)		(36)
Profit / (loss) for the period	54	79		101
Total comprehensive income / (loss)	54	79		101
Attributed to NCIs	29	43		55
Dividends paid to NCIs	$ (43)	$ 46		$ 69
[1]	*Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation (see Note 10 )
[2]	* Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation ( see note 10 )

INVESTMENTS IN SUBSIDIARIES -_2

INVESTMENTS IN SUBSIDIARIES - Summarized statement of financial position (Details) - USD ($) $ in Millions		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of financial position
Property and equipment		$ 6,717	$ 6,879
Other non-current assets		216	179
Cash and cash equivalents	[1]	2,252	1,669
Other current assets		344	335
Debt and derivatives		(10,646)	(10,087)
Total equity		1,505	1,013	$ 2,220	$ 2,775
Equity holders of the parent		586	163
Non-controlling interests		919	850
Kar-Tel
Statement of financial position
Property and equipment		300	276
Intangible assets		213	233
Other non-current assets		28	23
Trade and other receivables		29	21
Cash and cash equivalents		46	37
Other current assets		33	31
Debt and derivatives		(102)	(75)
Provisions		(6)	(6)
Other liabilities		(158)	(152)
Total equity		383	388
Equity holders of the parent		287	291
Non-controlling interests		96	97
OTA
Statement of financial position
Property and equipment		442	492
Intangible assets		1,100	1,168
Other non-current assets		35	18
Trade and other receivables		31	31
Cash and cash equivalents		113	67
Other current assets		28	50
Debt and derivatives		(122)	(102)
Provisions		(37)	(23)
Other liabilities		(250)	(267)
Total equity		1,340	1,434
Equity holders of the parent		608	651
Non-controlling interests		$ 732	$ 783
[1]	* Certain comparative amounts have been reclassified, refer to Note 24 for further details.

INVESTMENTS IN SUBSIDIARIES -_3

INVESTMENTS IN SUBSIDIARIES - Summarized statement of cash flows (Details) - USD ($) $ in Millions	Jul. 01, 2021	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Investments in subsidiaries
Net foreign exchange difference		$ (23)	$ (51)	[1]	$ (8)	[1]
Maximum
Investments in subsidiaries
Proportion of ownership interest in subsidiary		50.00%
Kar-Tel
Investments in subsidiaries
Net operating cash flows		$ 231	184		199
Net investing cash flows		(106)	(88)		(84)
Net financing cash flows		(114)	(97)		(104)
Net foreign exchange difference		(1)	(2)		0
Net increase / (decrease) in cash equivalents		$ 10	$ (3)		11
Proportion of ownership interest in subsidiary		75.00%	75.00%
OTA
Investments in subsidiaries
Net operating cash flows		$ 263	$ 211		305
Net investing cash flows		(114)	(102)		(84)
Net financing cash flows		(99)	(103)		(205)
Net foreign exchange difference		(5)	(5)		(1)
Net increase / (decrease) in cash equivalents		$ 45	$ 1		$ 15
Proportion of ownership interest in subsidiary		45.60%	45.40%
Omnium Telecom Algerie SpA
Investments in subsidiaries
Put option, percentage ownership sold	45.57%
Global Telecom Holding S.A.E
Investments in subsidiaries
Proportion of ownership interest in subsidiary		99.60%	99.60%		99.54%
Global Telecom Holding S.A.E | Maximum
Investments in subsidiaries
Proportion of ownership interest in subsidiary		50.00%
[1]	* Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation ( see note 10 )

OTHER NON-OPERATING GAIN _ (L_3

OTHER NON-OPERATING GAIN / (LOSS) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Other Non-Operating Gain (Loss)
Ineffective portion of hedging activities	$ 3	$ 15		$ 20
Change of fair value of other derivatives	(4)	6		(17)
Gain /(loss) from money market funds	7	12		21
Loss from early debt redemption	0	0		0
Other gains / (losses)	28	78		(3)
Other non-operating gain / (loss)	34	111	[1]	$ 21	[1]
Gain from fair value adjustment of Shop-up	21
Payable write-off	$ 3
Gain from remeasurement of contingent consideration liability		41
Reversed unsettled liabilities, contingent liabilities recognised in business combination		$ 41
[1]	*Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation (see Note 10 )

INVESTMENTS, DEBT AND DERIVAT_3

INVESTMENTS, DEBT AND DERIVATIVES - Investments and derivative assets (Details) - USD ($) $ in Millions		Dec. 31, 2021	Dec. 31, 2020
FINANCIAL ASSETS
Carrying value		$ 185	$ 395
Non-current		99	305
Current	[1]	86	90
At fair value
FINANCIAL ASSETS
Carrying value		37	31
At fair value | Derivatives not designated as hedges
FINANCIAL ASSETS
Carrying value		0	20
At fair value | Derivatives designated as net investment hedges
FINANCIAL ASSETS
Carrying value		0	3
At fair value | Other investments
FINANCIAL ASSETS
Carrying value		37	8
At amortized cost
FINANCIAL ASSETS
Carrying value		148	364
At amortized cost | Security deposits and cash collateral
FINANCIAL ASSETS
Carrying value		49	325
At amortized cost | Other investments
FINANCIAL ASSETS
Carrying value		$ 99	$ 39
[1]	* Certain comparative amounts have been reclassified, refer to Note 24 for further details.

INVESTMENTS, DEBT AND DERIVAT_4

INVESTMENTS, DEBT AND DERIVATIVES - Security deposits (Details) $ / mHz in Millions, $ in Millions	Jul. 22, 2019USD ($)numberOfMegahertz$ / mHz	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Jul. 19, 2021USD ($)	Dec. 31, 2020USD ($)	May 31, 2020USD ($)
Disclosure of financial assets [line items]
Financial assets		$ 185			$ 395
At amortized cost
Disclosure of financial assets [line items]
Financial assets		148			364
Security deposits and cash collateral | At amortized cost
Disclosure of financial assets [line items]
Financial assets		$ 49			$ 325
PTA License Renewal
Disclosure of financial assets [line items]
License renewal assessment, tax percentage	13.00%
PTA License Renewal | Security deposits and cash collateral | At amortized cost
Disclosure of financial assets [line items]
Financial assets			$ 225	$ 326		$ 57
PTA License Renewal | 900 MHz Spectrum
Disclosure of financial assets [line items]
License renewal assessment, amount per spectrum block | $ / mHz	40
Frequency bands | numberOfMegahertz	900
License renewal assessment, total amount	$ 450
PTA License Renewal | 1800 MHz spectrum
Disclosure of financial assets [line items]
License renewal assessment, amount per spectrum block | $ / mHz	30
Frequency bands | numberOfMegahertz	1,800

INVESTMENTS, DEBT AND DERIVAT_5

INVESTMENTS, DEBT AND DERIVATIVES - Debt and derivatives (Details) - USD ($) $ in Millions		Dec. 31, 2021	Dec. 31, 2020
Disclosure of fair value measurement of liabilities [line items]
Total financial liabilities		$ 10,646	$ 10,087
Non-current		9,404	8,832
Current	[1]	1,242	1,255
At fair value
Disclosure of fair value measurement of liabilities [line items]
Total financial liabilities		8	53
At fair value | Derivatives not designated as hedges
Disclosure of fair value measurement of liabilities [line items]
Total financial liabilities		4	52
At fair value | Derivatives designated as net investment hedges
Disclosure of fair value measurement of liabilities [line items]
Total financial liabilities		4	1
At amortized cost | Principal amount outstanding
Disclosure of fair value measurement of liabilities [line items]
Total financial liabilities		7,595	7,678
At amortized cost | Interest accrued
Disclosure of fair value measurement of liabilities [line items]
Total financial liabilities		86	85
At amortized cost | Discounts, unamortized fees, hedge basis adjustment
Disclosure of fair value measurement of liabilities [line items]
Total financial liabilities		(15)	(5)
At amortized cost | Bank loans and bonds
Disclosure of fair value measurement of liabilities [line items]
Total financial liabilities		7,666	7,758
At amortized cost | Lease liabilities
Disclosure of fair value measurement of liabilities [line items]
Total financial liabilities		2,667	1,912
At amortized cost | Put-option liability over non-controlling interest
Disclosure of fair value measurement of liabilities [line items]
Total financial liabilities		16	273
At amortized cost | Other financial liabilities
Disclosure of fair value measurement of liabilities [line items]
Total financial liabilities		289	91
At amortized cost | Financial liabilities at amortised cost, class
Disclosure of fair value measurement of liabilities [line items]
Total financial liabilities		$ 10,638	$ 10,034
[1]	* Certain comparative amounts have been reclassified, refer to Note 24 for further details.

INVESTMENTS, DEBT AND DERIVAT_6

INVESTMENTS, DEBT AND DERIVATIVES - Bank loans and bonds (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 7,595	$ 7,678
Loan 7.35-7.50%
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 0	812
Notes 7.5%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	7.50%
Borrowings	$ 417	417
Notes 5.95% to 7.25%
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 1,229	1,229
Notes 4.95 %
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	4.95%
Borrowings	$ 533	533
Loan 1.85%
Disclosure of detailed information about borrowings [line items]
Spread on interest rate basis	1.85%
Notes 4.00%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	4.00%
Borrowings	$ 1,000	1,000
Notes 6.30-6.50%
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 404	406
Notes 8.13%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	8.13%
Borrowings	$ 269	0
Notes 3.38%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	3.38%
Borrowings	$ 1,250	1,250
Loans 10.10%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	10.10%
Borrowings	$ 404	0
Notes 7.75%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	7.75%
Borrowings	$ 0	262
Loans 10.15 to 11%
Disclosure of detailed information about borrowings [line items]
Borrowings	97	85
Other bank loans and bonds
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 111	112
Minimum | Loan 7.35-7.50%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	7.35%
Minimum | Notes 5.95% to 7.25%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	5.95%
Minimum | Notes 6.30-6.50%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	6.50%
Minimum | Loans 10.15 to 11%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	10.15%
Maximum | Loan 7.35-7.50%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	7.50%
Maximum | Notes 5.95% to 7.25%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	7.25%
Maximum | Notes 6.30-6.50%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	6.30%
Maximum | Loans 10.15 to 11%
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	11.00%
Floating interest rate - % in addition to key rate | Loan 2.20%
Disclosure of detailed information about borrowings [line items]
Spread on interest rate basis	2.20%
Borrowings	$ 0	677
Floating interest rate - % in addition to key rate | Loan 1.85%
Disclosure of detailed information about borrowings [line items]
Borrowings	404	406
Floating interest rate - % in addition to key rate | Loan 1.90 to 2.15 %
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 807	0
Floating interest rate - % in addition to key rate | Minimum | Loan 1.90 to 2.15 %
Disclosure of detailed information about borrowings [line items]
Spread on interest rate basis	1.90%
Floating interest rate - % in addition to key rate | Maximum | Loan 1.90 to 2.15 %
Disclosure of detailed information about borrowings [line items]
Spread on interest rate basis	2.15%
6m KIBOR | Loan 0.35%
Disclosure of detailed information about borrowings [line items]
Spread on interest rate basis	0.35%
Borrowings	$ 24	80
6m KIBOR | Loans 0.55%
Disclosure of detailed information about borrowings [line items]
Spread on interest rate basis	0.55%
Borrowings	$ 272	273
6m KIBOR | Loan 0.55%
Disclosure of detailed information about borrowings [line items]
Spread on interest rate basis	0.55%
Borrowings	$ 85	0
3m KIBOR | Loan 0.55%
Disclosure of detailed information about borrowings [line items]
Spread on interest rate basis	0.55%
Borrowings	$ 28	0
3m KIBOR | Loan 0.88%
Disclosure of detailed information about borrowings [line items]
Spread on interest rate basis	0.88%
Borrowings	$ 57	0
NBU key rate | Loan 3.0%
Disclosure of detailed information about borrowings [line items]
Spread on interest rate basis	3.00%
Borrowings	$ 61	56
NBU key rate | Loan 3.50%
Disclosure of detailed information about borrowings [line items]
Spread on interest rate basis	3.50%
Borrowings	$ 47	0
Treasury Bill Rate | Loan 3.0%
Disclosure of detailed information about borrowings [line items]
Spread on interest rate basis	3.00%
Borrowings	$ 50	0
Average bank deposit rate | Loans 4.25%
Disclosure of detailed information about borrowings [line items]
Spread on interest rate basis	4.25%
Borrowings	$ 46	$ 80

INVESTMENTS, DEBT AND DERIVAT_7

INVESTMENTS, DEBT AND DERIVATIVES - Reconciliation of cash flows from financing activities (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Reconciliation of cash flows from financing activities
Liabilities arising from financing activities at beginning of period		$ 9,671	$ 9,671
Cash flows
Proceeds from borrowings, net of fees paid	[1]	2,090	4,621	[2]	$ 2,610	[2]
Repayment of debt		(2,466)	(4,351)	[2]	(2,891)	[2]
Interest paid		(619)	(640)
Repayment of debt relating to Algeria discontinued operations			(25)
Interest Paid Relating to Algeria Discontinued Operations			(4)
Non-cash movements
Interest and fee accruals		657	702
Lease additions, disposals, impairment and modifications		1,224	432
Reclassification as held for sale			122
Foreign currency translation		(76)	(684)
Other non-cash movements		(26)	(51)
Liabilities arising from financing activities at end of period		10,333	9,671		9,671
Bank loans and bonds
Reconciliation of cash flows from financing activities
Liabilities arising from financing activities at beginning of period		7,758	7,588
Cash flows
Proceeds from borrowings, net of fees paid		2,090	4,621
Repayment of debt		(2,129)	(4,054)
Interest paid		(472)	(494)
Repayment of debt relating to Algeria discontinued operations			0
Interest Paid Relating to Algeria Discontinued Operations			0
Non-cash movements
Interest and fee accruals		513	546
Lease additions, disposals, impairment and modifications		0	0
Reclassification as held for sale			0
Foreign currency translation		(68)	(398)
Other non-cash movements		(26)	(51)
Liabilities arising from financing activities at end of period		7,666	7,758		7,588
Lease liabilities
Reconciliation of cash flows from financing activities
Liabilities arising from financing activities at beginning of period		1,913	2,083
Cash flows
Proceeds from borrowings, net of fees paid		0	0
Repayment of debt		(337)	(297)
Interest paid		(147)	(146)
Repayment of debt relating to Algeria discontinued operations			(25)
Interest Paid Relating to Algeria Discontinued Operations			(4)
Non-cash movements
Interest and fee accruals		144	156
Lease additions, disposals, impairment and modifications		1,224	432
Reclassification as held for sale			122
Foreign currency translation		(8)	(286)
Other non-cash movements		0	0
Liabilities arising from financing activities at end of period		$ 2,667	$ 1,913		$ 2,083
[1]	Fees paid for borrowings were US$32 (2020: US$29, 2019: US$23)
[2]	* Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation ( see note 10 )

INVESTMENTS, DEBT AND DERIVAT_8

INVESTMENTS, DEBT AND DERIVATIVES - Financing activities 2021 (Details) ₽ in Millions

1 Months Ended

3 Months Ended

12 Months Ended

Jun. 30, 2021USD ($)

Apr. 30, 2021RUB (₽)

Apr. 30, 2021USD ($)

Mar. 31, 2021USD ($)

Oct. 31, 2020USD ($)

Sep. 30, 2020RUB (₽)

Mar. 31, 2020USD ($)

Mar. 31, 2021RUB (₽)extension

Dec. 31, 2022

Dec. 31, 2021RUB (₽)

Dec. 31, 2020

Dec. 31, 2021USD ($)

Sep. 30, 2021USD ($)

Jun. 30, 2021PKR (₨)

Mar. 31, 2021USD ($)

Mar. 31, 2021PKR (₨)

Nov. 30, 2020USD ($)

Sep. 30, 2020USD ($)

Jul. 31, 2020RUB (₽)

Jul. 31, 2020USD ($)

Jun. 30, 2020RUB (₽)

Jun. 30, 2020USD ($)

Apr. 30, 2020USD ($)

Veon Holdings B.V. Revolving Credit Facility, Available Until February 2024

Disclosure of detailed information about borrowings [line items]

Notional amount

₽ 1,250

$ 1,250,000,000

Borrowings term

3 years

Number of extensions | extension

2

Borrowing term, extension

1 year

Veon Holdings B.V. Revolving Credit Facility, Available Until February 2024 | Interest Period One

Disclosure of detailed information about borrowings [line items]

Borrowings term

1 month

Veon Holdings B.V. Revolving Credit Facility, Available Until February 2024 | Interest Period Two

Disclosure of detailed information about borrowings [line items]

Borrowings term

3 months

Veon Holdings B.V. Revolving Credit Facility, Available Until February 2024 | Interest Period Three

Disclosure of detailed information about borrowings [line items]

Borrowings term

6 months

RUB30bn Alfa bank facility

Disclosure of detailed information about borrowings [line items]

Notional amount

₽ 30,000

396,000,000

RUB45bn Alfa Bank Facility

Disclosure of detailed information about borrowings [line items]

Notional amount

45,000

594,000,000

RUB15bn Alfa Bank Floating Rate Tranche

Disclosure of detailed information about borrowings [line items]

Notional amount

15,000

198,000,000

Borrowings term

5 years

RUB15bn Alfa Bank Facility Floating Rate Tranche

Disclosure of detailed information about borrowings [line items]

Notional amount | ₽

₽ 15,000

Proceeds from non-current borrowings

₽ 15,000

$ 198,000,000

₽ 15,000

VTB Bank bilateral term loan | Bilateral term loan refinancing

Disclosure of detailed information about borrowings [line items]

Notional amount

₽ 30,000

$ 422,000,000

PMCL (Pakistan Mobile Communications Ltd)

Disclosure of detailed information about borrowings [line items]

Put option % acquired

15.00%

15.00%

Consideration paid

$ 273,000,000

$ 273,000,000

Proportion of ownership interest in subsidiary

100.00%

100.00%

PMCL (Pakistan Mobile Communications Ltd) | Floating Interest Rate

Disclosure of detailed information about borrowings [line items]

Notional amount

131,000,000

₨ 20,000,000,000

PMCL (Pakistan Mobile Communications Ltd) | PKR5Bn United Bank Bilateral Term Facility

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 33,000,000

₨ 5,000,000,000

PMCL (Pakistan Mobile Communications Ltd) | PKR50BN Syndicated Credit Facility

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 320,000,000

₨ 50,000,000,000

Borrowings term

10 years

Veon Holdings B.v.

Disclosure of detailed information about borrowings [line items]

Proportion of ownership interest in subsidiary

100.00%

100.00%

Veon Holdings B.v. | MTN unsecured notes

Disclosure of detailed information about borrowings [line items]

Bonds issued

₽ 10,000

$ 273,000,000

$ 1,250,000,000

$ 135,000,000

₽ 20,000

$ 288,000,000

Veon Holdings B.v. | MTN unsecured notes | Maximum

Disclosure of detailed information about borrowings [line items]

Bonds issued

$ 6,500,000,000

$ 6,500,000,000

Veon Holdings B.v. | Alfa Bank Bilateral Term Loan

Disclosure of detailed information about borrowings [line items]

Available

$ 611,000,000

Veon Holdings B.v. | Sberbank

Disclosure of detailed information about borrowings [line items]

Available

612,000,000

VEON Finance Ireland Designated Activity Company

Disclosure of detailed information about borrowings [line items]

Consideration paid

$ (51,000,000)

Proportion of ownership interest in subsidiary

100.00%

0.00%

VEON Finance Ireland Designated Activity Company | Alfa Bank Bilateral Term Loan

Disclosure of detailed information about borrowings [line items]

Fixed rate tranche

₽ 30,000

408,000,000

Available

45,000

612,000,000

Floating rate tranche

15,000

204,000,000

VEON Finance Ireland Designated Activity Company | Alfa Bank Bilateral Term Loan | March 2025

Disclosure of detailed information about borrowings [line items]

Available

30,000

407,000,000

VEON Finance Ireland Designated Activity Company | Alfa Bank Bilateral Term Loan | March 2026

Disclosure of detailed information about borrowings [line items]

Available

204,000,000

VEON Finance Ireland Designated Activity Company | Sberbank

Disclosure of detailed information about borrowings [line items]

Available

45,000

611,000,000

VEON Finance Ireland Designated Activity Company | Sberbank | June 2023

Disclosure of detailed information about borrowings [line items]

Available

15,000

204,000,000

VEON Finance Ireland Designated Activity Company | Sberbank | June 2024

Disclosure of detailed information about borrowings [line items]

Available

₽ 30,000

$ 408,000,000

INVESTMENTS, DEBT AND DERIVAT_9

INVESTMENTS, DEBT AND DERIVATIVES - Financing activities 2020 (Details) ₽ in Millions, ₴ in Billions, ₨ in Billions

1 Months Ended

12 Months Ended

Mar. 31, 2021RUB (₽)

Dec. 31, 2020USD ($)facility

Sep. 30, 2020RUB (₽)facility

Sep. 30, 2020USD ($)facility

Jul. 31, 2020RUB (₽)

Jul. 31, 2020USD ($)

Jun. 30, 2020USD ($)facility

Apr. 30, 2020USD ($)

Mar. 31, 2020RUB (₽)drawdown

Jul. 31, 2016USD ($)

Dec. 31, 2022

Dec. 31, 2021USD ($)

Dec. 31, 2020USD ($)

Dec. 31, 2021UAH (₴)

Sep. 30, 2021USD ($)

Mar. 31, 2021USD ($)

Mar. 31, 2021PKR (₨)

Nov. 30, 2020USD ($)

Sep. 30, 2020USD ($)

Jul. 31, 2020USD ($)

Jun. 30, 2020RUB (₽)

Jun. 30, 2020USD ($)

Mar. 31, 2020USD ($)

Feb. 29, 2020USD ($)

Jan. 31, 2020USD ($)

Oct. 31, 2019USD ($)

Disclosure of detailed information about borrowings [line items]

Financial liabilities

$ 10,087,000,000

$ 10,646,000,000

$ 10,087,000,000

Borrowings

7,678,000,000

$ 7,595,000,000

7,678,000,000

Reversed unsettled liabilities, contingent liabilities recognised in business combination

$ 41,000,000

Maximum

Disclosure of detailed information about borrowings [line items]

Proportion of ownership interest in subsidiary

50.00%

PMCL (Pakistan Mobile Communications Ltd)

Disclosure of detailed information about borrowings [line items]

Put option % acquired

15.00%

15.00%

15.00%

Proportion of ownership interest in subsidiary

100.00%

100.00%

PMCL (Pakistan Mobile Communications Ltd) | Finance costs

Disclosure of detailed information about borrowings [line items]

Gains on disposals of investments

$ 59,000,000

PMCL (Pakistan Mobile Communications Ltd) | Warid Telecom (Pvt) Limited

Disclosure of detailed information about borrowings [line items]

Contingency period

4 years

Reversed unsettled liabilities, contingent liabilities recognised in business combination

$ 41,000,000

Veon Holdings B.v.

Disclosure of detailed information about borrowings [line items]

Proportion of ownership interest in subsidiary

100.00%

100.00%

Warid Telecom (Pvt) Limited

Disclosure of detailed information about borrowings [line items]

Proportion of voting rights held in subsidiary

100.00%

Warid Telecom (Pvt) Limited | Pakistan Mobile Communications Limited

Disclosure of detailed information about borrowings [line items]

Consideration transferred in kind

15.00%

Banglalink Digital Communications Limited

Disclosure of detailed information about borrowings [line items]

Proportion of ownership interest in subsidiary

100.00%

100.00%

Notes 3.95%

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 600,000,000

$ 600,000,000

Borrowings, interest rate

3.95%

3.95%

Percentage of redemption price realised

101.00%

101.00%

Kyivstar UAH4.1bn bilateral facility

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 146,000,000

₴ 4.1

Number of facilities | facility

3

Kyivstar UAH4.1bn bilateral facility | OTP Bank

Disclosure of detailed information about borrowings [line items]

Borrowings, interest rate

10.15%

10.15%

Borrowings term

3 years

Kyivstar UAH4.1bn bilateral facility | Raiffeisen Bank Aval

Disclosure of detailed information about borrowings [line items]

Borrowings, interest rate

11.00%

11.00%

Borrowings term

5 years

Kyivstar UAH4.1bn bilateral facility | Alfa-Bank

Disclosure of detailed information about borrowings [line items]

Borrowings, interest rate

3.00%

3.00%

Borrowings term

3 years

MTN unsecured notes | Veon Holdings B.v.

Disclosure of detailed information about borrowings [line items]

Bonds issued

₽ 10,000

$ 273,000,000

$ 1,250,000,000

$ 135,000,000

₽ 20,000

$ 288,000,000

MTN unsecured notes | Veon Holdings B.v. | Maximum

Disclosure of detailed information about borrowings [line items]

Bonds issued

$ 6,500,000,000

$ 6,500,000,000

VTB Bank bilateral term loan | Bilateral term loan refinancing

Disclosure of detailed information about borrowings [line items]

Notional amount

₽ 30,000

$ 422,000,000

VTB Bank bilateral term loan | Fixed interest rate | Bilateral term loan refinancing

Disclosure of detailed information about borrowings [line items]

Borrowings, interest rate

8.75%

8.75%

VTB Bank bilateral term loan | Floating interest rate - % in addition to key rate | Bilateral term loan refinancing

Disclosure of detailed information about borrowings [line items]

Borrowings, interest rate

1.85%

1.85%

RUB100bn bilateral facility

Disclosure of detailed information about borrowings [line items]

Notional amount | ₽

100,000

Number of facilities | facility

4

Number of facilities utilized | facility

3

Borrowings | ₽

₽ 87,500

Number of facilities repaid | facility

1

1

Proceeds from non-current borrowings | ₽

₽ 12,500

Repayments of non-current borrowings | ₽

₽ 20,000

Borrowing costs incurred

$ 0

RUB100bn bilateral facility | Minimum

Disclosure of detailed information about borrowings [line items]

Borrowings term

2 years

RUB100bn bilateral facility | Maximum

Disclosure of detailed information about borrowings [line items]

Borrowings term

4 years

RUB100bn bilateral facility | Veon Holdings B.v.

Disclosure of detailed information about borrowings [line items]

Notional amount

1,450,000,000

Borrowings

$ 1,281,000,000

USD300M syndicated term facility | Banglalink Digital Communications Limited

Disclosure of detailed information about borrowings [line items]

Borrowings

300,000,000

Borrowing costs incurred

$ 0

Borrowings maturity, extension term

2 years

USD600M term facility | Veon Holdings B.v.

Disclosure of detailed information about borrowings [line items]

Borrowings

$ 600,000,000

Repayments of non-current borrowings

$ 500,000,000

$ 100,000,000

Number of drawdowns | drawdown

2

RUB17.5bn Alfa bank facility

Disclosure of detailed information about borrowings [line items]

Borrowings | ₽

₽ 17,500

RUB30bn Alfa bank facility

Disclosure of detailed information about borrowings [line items]

Notional amount

₽ 30,000

$ 396,000,000

Borrowings

₽ 30,000

$ 165,000,000

Bonds 6.25% | Global Telecom Holding

Disclosure of detailed information about borrowings [line items]

Borrowings, interest rate

6.25%

Borrowings

$ 500,000,000

Senior unsecured notes 4% | Veon Holdings B.v.

Disclosure of detailed information about borrowings [line items]

Borrowings, interest rate

4.00%

Bonds issued

$ 300,000,000

$ 700,000,000

PKR15Bn MCB Bank Syndicated Facility | PMCL (Pakistan Mobile Communications Ltd)

Disclosure of detailed information about borrowings [line items]

Notional amount

98,000,000

₨ 15

PKR5Bn United Bank Bilateral Term Facility | PMCL (Pakistan Mobile Communications Ltd)

Disclosure of detailed information about borrowings [line items]

Notional amount

$ 33,000,000

₨ 5

Put-option liability over non-controlling interest | At amortized cost

Disclosure of detailed information about borrowings [line items]

Financial liabilities

$ 273,000,000

$ 16,000,000

$ 273,000,000

Put-option liability over non-controlling interest | At amortized cost | PMCL (Pakistan Mobile Communications Ltd)

Disclosure of detailed information about borrowings [line items]

Financial liabilities

$ 273,000,000

Contingent consideration | Level 3 | Financial instruments at fair value

Disclosure of detailed information about borrowings [line items]

Financial liabilities, at fair value

$ 0

INVESTMENTS, DEBT AND DERIVA_10

INVESTMENTS, DEBT AND DERIVATIVES - Fair value (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Bank loans and bonds | At amortized cost
Disclosure of fair value measurement of liabilities [line items]
Financial liabilities, at fair value	$ 7,709	$ 8,031

INVESTMENTS, DEBT AND DERIVA_11

INVESTMENTS, DEBT AND DERIVATIVES - Hedge accounting (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Derivative, hedge ratio	100.00%
Foreign currency translation reserve
Disclosure of detailed information about borrowings [line items]
Gains (losses) on hedges of net investments in foreign operations, net of tax	$ (18)	$ 178
Foreign currency forward contracts | Net investment hedge accounting
Disclosure of detailed information about borrowings [line items]
Aggregated designated nominal value of hedged items	$ 6,986	$ 26,758
Weighted average term of contract	1 year	1 year

INVESTMENTS, DEBT AND DERIVA_12

INVESTMENTS, DEBT AND DERIVATIVES - Impact of hedge accounting on equity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of risk management strategy related to hedge accounting [line items]
Equity at beginning of period	$ 1,013	$ 2,220	$ 2,775
Other	0	(1)	(53)
Equity at end of period	1,505	1,013	2,220
Foreign currency translation reserve
Disclosure of risk management strategy related to hedge accounting [line items]
Equity at beginning of period	(8,775)	(8,312)	(8,416)
Foreign currency revaluation of the foreign operations and other	(140)	(615)
Effective portion of foreign currency revaluation of the hedging instruments	(18)	178
Change in fair value of foreign currency basis spreads	0	0
Amortization of time-period related foreign currency basis spreads	0	0
Other	0	(26)	(1)
Equity at end of period	(8,933)	(8,775)	(8,312)
Cost of hedging reserve
Disclosure of risk management strategy related to hedge accounting [line items]
Equity at beginning of period	1	9
Foreign currency revaluation of the foreign operations and other	0	0
Effective portion of foreign currency revaluation of the hedging instruments	0	0
Change in fair value of foreign currency basis spreads	2	7
Amortization of time-period related foreign currency basis spreads	(3)	(15)
Other	0	0
Equity at end of period	$ 0	$ 1	$ 9

CASH AND CASH EQUIVALENTS (Deta

CASH AND CASH EQUIVALENTS (Details) دج in Millions		Dec. 31, 2021USD ($)		Dec. 31, 2021DZD (دج)	Dec. 31, 2020USD ($)		Dec. 31, 2019USD ($)	[2],[3],[4]	Dec. 31, 2018USD ($)	[3],[4]
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Cash and cash equivalents at banks and on hand		$ 1,485,000,000			$ 694,000,000
Cash and cash equivalents with original maturity of less than three months		767,000,000			975,000,000
Cash and cash equivalents	[1]	2,252,000,000			1,669,000,000
Less overdrafts		(13,000,000)			(8,000,000)
Cash and cash equivalents, net of overdrafts, as presented in the consolidated statement of cash flows		2,239,000,000	[2]		1,661,000,000	[2],[3],[4]	$ 1,238,000,000		$ 1,810,000,000
Cash and cash equivalents relating to baking operations in Pakistan		2,239,000,000	[2]		1,661,000,000	[2],[3],[4]	$ 1,238,000,000		$ 1,810,000,000
Restricted cash				دج 71	0
Investments in money market funds		397,000,000			543,000,000
Overdrafts		13,000,000			$ 8,000,000
Pakistan
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Cash and cash equivalents, net of overdrafts, as presented in the consolidated statement of cash flows		98,000,000
Cash and cash equivalents relating to baking operations in Pakistan		$ 98,000,000
[1]	* Certain comparative amounts have been reclassified, refer to Note 24 for further details.
[2]	Overdrawn amount was US$13 (2020: US$8)
[3]	* Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation ( see note 10 )
[4]	**** Certain comparative amounts have been reclassified ,refer to Note 24 for further details.

FINANCIAL RISK MANAGEMENT - Int

FINANCIAL RISK MANAGEMENT - Interest rate risk (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
INTEREST RATE RISK
FINANCIAL RISK MANAGEMENT
Percent of borrowings that are at a fixed rate of interest	75.00%	79.00%
Interest rate appreciation risk
FINANCIAL RISK MANAGEMENT
Percentage of change in significant exposure used for sensitivity analysis	1.00%	1.00%
Interest rate depreciation risk
FINANCIAL RISK MANAGEMENT
Percentage of change in significant exposure used for sensitivity analysis	1.00%	1.00%

FINANCIAL RISK MANAGEMENT - For

FINANCIAL RISK MANAGEMENT - Foreign currency risk (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Risk of exchange rate depreciation
Foreign currency sensitivity
Change in foreign exchange rate against US$	10.00%
Risk of exchange rate appreciation
Foreign currency sensitivity
Change in foreign exchange rate against US$	10.00%
Russian Ruble | Risk of exchange rate depreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	$ 18	$ 35
Effect on other comprehensive income	9	32
Russian Ruble | Risk of exchange rate appreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	(25)	(39)
Effect on other comprehensive income	(10)	(39)
Bangladeshi Taka | Risk of exchange rate depreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	(30)	(30)
Effect on other comprehensive income	0	0
Bangladeshi Taka | Risk of exchange rate appreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	33	33
Effect on other comprehensive income	0	0
Pakistani Rupee | Risk of exchange rate depreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	(3)	(4)
Effect on other comprehensive income	0	0
Pakistani Rupee | Risk of exchange rate appreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	4	4
Effect on other comprehensive income	0	0
Georgian Lari | Risk of exchange rate depreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	(37)	(36)
Effect on other comprehensive income	0	0
Georgian Lari | Risk of exchange rate appreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	41	40
Effect on other comprehensive income	0	0
Other currencies (net) | Risk of exchange rate depreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	(7)	8
Effect on other comprehensive income	0	4
Other currencies (net) | Risk of exchange rate appreciation
Foreign currency sensitivity
Effect on profit / (loss) before tax	7	(9)
Effect on other comprehensive income	$ 0	$ (4)

FINANCIAL RISK MANAGEMENT - Liq

FINANCIAL RISK MANAGEMENT - Liquidity risk (Details) ₨ in Millions, $ in Millions	Dec. 31, 2021USD ($)	Dec. 31, 2021PKR (₨)	Dec. 31, 2020USD ($)	Dec. 31, 2020PKR (₨)
Veon Holdings B.v. Revolving Credit Facility
Disclosure of detailed information about borrowings [line items]
Facility amount	$ 1,250		$ 1,586
Utilized	0		0
Available	1,250		1,586
PMCL - Term Facility
Disclosure of detailed information about borrowings [line items]
Facility amount	283	₨ 50,000
Utilized	57	10,000
Available	226	40,000
PMCL - Syndicated Term Facility and Islamic Finance Facility
Disclosure of detailed information about borrowings [line items]
Facility amount			90	₨ 14,369
Utilized			62	9,999
Available			28	4,370
TNS - Plus LLC - Term Facilities
Disclosure of detailed information about borrowings [line items]
Facility amount	9	4,000
Utilized	6	2,783
Available	3	₨ 1,217
PMCL - Term Facility Available Until October 2025
Disclosure of detailed information about borrowings [line items]
Facility amount	$ 0.3
PMCL - Term Facility
Disclosure of detailed information about borrowings [line items]
Facility amount			24	10,000
Utilized			12	5,000
Available			12	₨ 5,000
Veon Holdings B.V. Revolving Credit Facility, available until February 2021
Disclosure of detailed information about borrowings [line items]
Reduced facility amount			$ 1,382
Liquidity risk
Disclosure of detailed information about borrowings [line items]
Percentage of debt that will mature in less than one year	7.00%	7.00%	5.00%	5.00%

FINANCIAL RISK MANAGEMENT - L_2

FINANCIAL RISK MANAGEMENT - Liquidity risk maturity profile (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Maturity profile of the Group's financial liabilities
Total financial liabilities	$ 14,820	$ 13,763
Related derivative financial assets	0	3
Total financial liabilities, net of derivative assets	14,820	13,766
Bank loans and bonds
Maturity profile of the Group's financial liabilities
Total financial liabilities	9,295	9,176
Lease liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	3,170	2,299
Gross cash outflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	8	237
Trade and other payables
Maturity profile of the Group's financial liabilities
Total financial liabilities	2,031	1,946
Other financial liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	300	60
Put option liability over non-controlling interest
Maturity profile of the Group's financial liabilities
Total financial liabilities	16	273
Gross cash inflows
Maturity profile of the Group's financial liabilities
Related derivative financial assets	0	152
Gross cash inflows | Gross cash inflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	(228)
Gross cash outflows
Maturity profile of the Group's financial liabilities
Related derivative financial assets	0	(149)
Less than 1 year
Maturity profile of the Group's financial liabilities
Total financial liabilities	3,770	3,595
Related derivative financial assets	0	3
Total financial liabilities, net of derivative assets	3,770	3,598
Less than 1 year | Bank loans and bonds
Maturity profile of the Group's financial liabilities
Total financial liabilities	1,050	842
Less than 1 year | Lease liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	545	525
Less than 1 year | Gross cash outflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	8	237
Less than 1 year | Trade and other payables
Maturity profile of the Group's financial liabilities
Total financial liabilities	2,031	1,946
Less than 1 year | Other financial liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	120	0
Less than 1 year | Put option liability over non-controlling interest
Maturity profile of the Group's financial liabilities
Total financial liabilities	16	273
Less than 1 year | Gross cash inflows
Maturity profile of the Group's financial liabilities
Related derivative financial assets	0	152
Less than 1 year | Gross cash inflows | Gross cash inflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	(228)
Less than 1 year | Gross cash outflows
Maturity profile of the Group's financial liabilities
Related derivative financial assets	0	(149)
1-3 years
Maturity profile of the Group's financial liabilities
Total financial liabilities	4,455	4,759
Related derivative financial assets	0	0
Total financial liabilities, net of derivative assets	4,455	4,759
1-3 years | Bank loans and bonds
Maturity profile of the Group's financial liabilities
Total financial liabilities	3,200	3,803
1-3 years | Lease liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	1,111	896
1-3 years | Gross cash outflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	0
1-3 years | Trade and other payables
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	0
1-3 years | Other financial liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	144	60
1-3 years | Put option liability over non-controlling interest
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	0
1-3 years | Gross cash inflows
Maturity profile of the Group's financial liabilities
Related derivative financial assets	0	0
1-3 years | Gross cash inflows | Gross cash inflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	0
1-3 years | Gross cash outflows
Maturity profile of the Group's financial liabilities
Related derivative financial assets	0	0
3-5 years
Maturity profile of the Group's financial liabilities
Total financial liabilities	4,436	3,762
Related derivative financial assets	0	0
Total financial liabilities, net of derivative assets	4,436	3,762
3-5 years | Bank loans and bonds
Maturity profile of the Group's financial liabilities
Total financial liabilities	3,652	3,123
3-5 years | Lease liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	763	639
3-5 years | Gross cash outflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	0
3-5 years | Trade and other payables
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	0
3-5 years | Other financial liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	21	0
3-5 years | Put option liability over non-controlling interest
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	0
3-5 years | Gross cash inflows
Maturity profile of the Group's financial liabilities
Related derivative financial assets	0	0
3-5 years | Gross cash inflows | Gross cash inflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	0
3-5 years | Gross cash outflows
Maturity profile of the Group's financial liabilities
Related derivative financial assets	0	0
More than 5 years
Maturity profile of the Group's financial liabilities
Total financial liabilities	2,159	1,647
Related derivative financial assets	0	0
Total financial liabilities, net of derivative assets	2,159	1,647
More than 5 years | Bank loans and bonds
Maturity profile of the Group's financial liabilities
Total financial liabilities	1,393	1,408
More than 5 years | Lease liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	751	239
More than 5 years | Gross cash outflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	0
More than 5 years | Trade and other payables
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	0
More than 5 years | Other financial liabilities
Maturity profile of the Group's financial liabilities
Total financial liabilities	15	0
More than 5 years | Put option liability over non-controlling interest
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	0
More than 5 years | Gross cash inflows
Maturity profile of the Group's financial liabilities
Related derivative financial assets	0	0
More than 5 years | Gross cash inflows | Gross cash inflows
Maturity profile of the Group's financial liabilities
Total financial liabilities	0	0
More than 5 years | Gross cash outflows
Maturity profile of the Group's financial liabilities
Related derivative financial assets	$ 0	$ 0

FINANCIAL RISK MANAGEMENT - Cap

FINANCIAL RISK MANAGEMENT - Capital management (Details) - Capital management	12 Months Ended
	Dec. 31, 2021
Disclosure of risk management strategy related to hedge accounting [line items]
Dividend policy on payments, Minimum percentage of prior year Equity Free Cash Flow after licenses	50.00%
Maximum
Disclosure of risk management strategy related to hedge accounting [line items]
Required net debt to adjusted EBITDA	3.75

ISSUED CAPITAL AND RESERVES - C

ISSUED CAPITAL AND RESERVES - Common stock (Details) - Common shares - $ / shares	Dec. 31, 2021	Dec. 31, 2020
ISSUED CAPITAL AND RESERVES
Par value ($ per share)	$ 0.001	$ 0.001
Authorized common shares (nominal value of US$0.001 per share)	1,849,190,667	1,849,190,667
Share held by a subsidiary of the Company (in shares)	7,603,731
Issued shares, including 7,603,731 shares held by a subsidiary of the Company	1,756,731,135	1,756,731,135

ISSUED CAPITAL AND RESERVES - M

ISSUED CAPITAL AND RESERVES - Major shareholders (Details)	Dec. 31, 2021shares
ISSUED CAPITAL AND RESERVES
Free Float percentage	43.80%
Total percentage of common and voting shares	100.00%
Common shares
ISSUED CAPITAL AND RESERVES
Free Float (in shares)	770,158,572
Outstanding shares (in shares)	1,756,731,135
Share held by a subsidiary of the Company (in shares)	7,603,731
L1T VIP Holdings S.à r.l. (“LetterOne”)
ISSUED CAPITAL AND RESERVES
Percentage of common and voting shares	47.90%
L1T VIP Holdings S.à r.l. (“LetterOne”) | Common shares
ISSUED CAPITAL AND RESERVES
Total outstanding common shares (in shares)	840,625,001
Stichting Administratiekantoor Mobile Telecommunications Investor
ISSUED CAPITAL AND RESERVES
Percentage of common and voting shares	8.30%
Stichting Administratiekantoor Mobile Telecommunications Investor | Common shares
ISSUED CAPITAL AND RESERVES
Total outstanding common shares (in shares)	145,947,562

EARNINGS PER SHARE - Continued

EARNINGS PER SHARE - Continued operations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Numerator:
Profit / (loss) for the period attributable to the owners of the parent	$ 605	$ (384)	[1]	$ 576	[1]
Denominator:
Weighted average common shares outstanding for basic earnings per share (in millions) (in shares)	1,749	1,749		1,749
Denominator for diluted earnings per share (in millions) (in shares)	1,753	1,749		1,749
Basic gain (loss) per share (in dollars per share)	$ 0.35	$ (0.22)	[1]	$ 0.33	[1]
Diluted (loss) / earnings per share (in dollars per share)	$ 0.35	$ (0.22)	[1]	$ 0.33	[1]
[1]	*Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation (see Note 10 )

EARNINGS PER SHARE - Discontinu

EARNINGS PER SHARE - Discontinued operations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Numerator:
Profit / (loss) for the period attributable to the owners of the parent	$ 69	$ 35	[1]	$ 45	[1]
Denominator:
Weighted average common shares outstanding for basic earnings per share (in millions) (in shares)	1,749	1,749		1,749
Denominator for diluted earnings per share (in millions) (in shares)	1,753	1,749		1,749
Basic gain (loss) from discontinued operations per share (in dollars per share)	$ 0.04	$ 0.02	[1]	$ 0.03	[1]
Diluted (loss) / earnings per share (in dollars per share)	$ 0.04	$ 0.02	[1]	$ 0.03	[1]
[1]	*Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation (see Note 10 )

DIVIDENDS PAID AND PROPOSED - D

DIVIDENDS PAID AND PROPOSED - Declared (Details) - $ / shares	1 Months Ended		12 Months Ended
	Mar. 31, 2020	Aug. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Dividends Paid And Proposed
Dividends paid (in dollars per share)	$ 0.15	$ 0.13	$ 0	$ 0

DIVIDENDS PAID AND PROPOSED - N

DIVIDENDS PAID AND PROPOSED - Non-controlling Interests (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Dividends [line items]
Dividends paid to non-controlling interests	$ 89	$ 87	$ 108
Dividend declared to the non-controlling interest		25	24
Omnium Telecom Algeria S.p.A
Dividends [line items]
Dividends paid to non-controlling interests	44	45	69
VIP Kazakhstan Holding AG
Dividends [line items]
Dividends paid to non-controlling interests	27	24	24
TNS Plus LLP
Dividends [line items]
Dividends paid to non-controlling interests	8	16	12
Other
Dividends [line items]
Dividends paid to non-controlling interests	$ 10	$ 2	$ 3

RELATED PARTIES - Compensation

RELATED PARTIES - Compensation to directors and senior managers of the company (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of transactions between related parties [line items]
Short-term employee benefits	$ 39	$ 35	$ 48
Long-term employee benefits	0	1	0
Share-based payment	9	0	3
Termination benefits	7	4	0
Total compensation to directors and senior management	$ 55	$ 40	$ 51

RELATED PARTIES - Compensatio_2

RELATED PARTIES - Compensation to key senior managers (Details)	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2021EUR (€)	Dec. 31, 2020USD ($)	Dec. 31, 2020EUR (€)	Dec. 31, 2019USD ($)	Dec. 31, 2021EUR (€)	Dec. 31, 2020EUR (€)
Disclosure of transactions between related parties
Long-term employee benefits	$ 0		$ 1,000,000		$ 0
Share-based payment	9,000,000		0		3,000,000
Total compensation to directors and senior management	55,000,000		40,000,000		$ 51,000,000
Accrued payroll taxes	(3,000,000)		10,000,000			€ (3,000,000)	€ 9,000,000
Joint Group COO Kaan Terzioglu
Disclosure of transactions between related parties
Base salary	1,564,015	€ 1,323,000	1,508,380	€ 1,323,000
Annual incentive	2,003,894	1,695,094	1,060,789	930,418
Other	242,759	205,350	501,262	439,657
Long-term employee benefits	196,853	166,518	87,066	76,366
Share-based payment	2,551,245	2,158,098	100,394	88,056
Total compensation to directors and senior management	6,558,766	5,548,060	3,257,891	2,857,497
Sergi Herrero
Disclosure of transactions between related parties
Base salary	742,676	628,199	1,346,902	1,181,368
Annual incentive	736,572	623,036	877,486	769,643
Other	6,516,660	5,512,172	2,460,406	2,158,022
Long-term employee benefits	(171,144)	(144,764)	805,980	706,925
Share-based payment	(71,763)	(60,701)	66,933	58,707
Termination benefits expense	3,471,927	2,936,759
Total compensation to directors and senior management	11,224,928	9,494,701	5,557,707	4,874,665
Group CEO Ursula Burns
Disclosure of transactions between related parties
Base salary			1,325,676	1,162,750
Annual incentive			616,787	540,984
Other			632,001	554,328
Share-based payment	(122,891)	(103,954)	127,013	111,403
Total compensation to directors and senior management	(122,891)	(103,954)	2,701,477	2,369,465
Group CFO, Serkan Okandan
Disclosure of transactions between related parties
Base salary	1,532,096	1,296,000	985,064	864,000
Annual incentive	1,409,528	1,192,320	599,396	525,730
Other	1,508,718	1,276,225	339,005	297,341
Share-based payment	1,260,991	1,066,672	87,009	76,316
Total compensation to directors and senior management	5,711,333	4,831,217	2,010,474	1,763,387
Group CFO Trond Westlie
Disclosure of transactions between related parties
Base salary			19,165	16,810
Other			242,425	212,631
Share-based payment			(247,497)	(217,080)
Total compensation to directors and senior management	0	0	14,093	12,361
Acting Group CFO Murat Kirkgoz
Disclosure of transactions between related parties
Base salary			241,250	211,600
Annual incentive			91,554	80,302
Other			46,015	40,360
Share-based payment	(31,230)	(26,417)	(9,069)	(7,954)
Total compensation to directors and senior management	(31,230)	(26,417)	369,750	324,308
Group COO Kjell Johnsen
Disclosure of transactions between related parties
Other			341,276	299,333
Share-based payment			(247,497)	(217,080)
Total compensation to directors and senior management	0	0	93,779	82,253
Group General Counsel Scott Dresser
Disclosure of transactions between related parties
Base salary	1,536,825	1,300,000	1,482,157	1,300,000
Annual incentive	1,536,825	1,300,000	2,622,278	2,300,000
Other	1,198,557	1,013,859	27,477	24,100
Share-based payment	327,923	277,390	(74,708)	(65,526)
Termination benefits expense	3,103,204			2,625,000
Total compensation to directors and senior management	7,703,334	6,516,249	4,057,204	3,558,574
Chief Strategy Officer Alex Kazbegi
Disclosure of transactions between related parties
Base salary	169,169	143,100	631,057	553,500
Annual incentive	151,835	128,437	385,792	338,378
Other	170,158	143,936	118,714	104,124
Termination benefits expense	685,276			579,675
Total compensation to directors and senior management	1,176,438	995,148	1,135,563	996,002
Compliance Officer Joop Brakenhoff
Disclosure of transactions between related parties
Base salary	638,373	540,000	255,501	224,100
Annual incentive	587,303	496,800	168,525	147,813
Other	114,198	96,600	45,500	39,908
Share-based payment	552,631	467,471	10,005	8,775
Total compensation to directors and senior management	1,892,505	1,600,871	$ 479,531	€ 420,596
Group Head of Corporate Development Alex Bolis
Disclosure of transactions between related parties
Base salary	322,081	272,448
Annual incentive	283,431	239,754
Other	91,027	77,000
Share-based payment	390,975	330,726
Total compensation to directors and senior management	1,087,514	919,928
Group Head of Portfolio Management Dmitry Shvets
Disclosure of transactions between related parties
Base salary	433,078	365,854
Annual incentive	440,768	372,351
Other	13,342	11,271
Share-based payment	582,119	491,760
Total compensation to directors and senior management	1,469,307	1,241,236
Group Chief People Officer Michael Schulz
Disclosure of transactions between related parties
Base salary	281,051	237,741
Annual incentive	233,014	197,107
Other	32,938	27,862
Share-based payment	554,589	469,127
Total compensation to directors and senior management	$ 1,101,592	€ 931,837

RELATED PARTIES - Compensatio_3

RELATED PARTIES - Compensation to board of directors (Details)	12 Months Ended
	Dec. 31, 2021EUR (€)	Dec. 31, 2021USD ($)	Dec. 31, 2020EUR (€)	Dec. 31, 2020USD ($)
Disclosure of transactions between related parties
Retainer	€ 3,832,523	$ 4,530,809	€ 3,395,361	$ 3,871,123
Committees	876,937	1,036,713	746,136	850,687
Other compensation	3,070,359	3,629,777	500,000	570,060
Annual compensation for supervisory board	7,779,819	9,197,299	4,641,497	5,291,870
Hans Holger Albrecht
Disclosure of transactions between related parties
Retainer	487,500	576,323	204,167	232,775
Committees	136,458	161,321	72,917	83,134
Other compensation	1,098,610	1,298,776
Annual compensation for supervisory board	1,722,568	2,036,420	277,084	315,909
Guillaume Bacuvier
Disclosure of transactions between related parties
Retainer			105,114	119,843
Committees			23,125	26,365
Annual compensation for supervisory board	0	0	128,239	146,208
Osama Bedier
Disclosure of transactions between related parties
Retainer	155,556	183,898	308,333	351,537
Committees	44,444	52,542	68,750	78,383
Annual compensation for supervisory board	200,000	236,440	377,083	429,920
Ursula Burns
Disclosure of transactions between related parties
Retainer			323,864	369,244
Annual compensation for supervisory board	0	0	323,864	369,244
Mariano De Beer
Disclosure of transactions between related parties
Retainer			204,167	232,775
Committees			87,500	99,761
Annual compensation for supervisory board	0	0	291,667	332,536
Peter Derby
Disclosure of transactions between related parties
Retainer	155,556	183,898	204,167	232,775
Committees	66,667	78,813	87,500	99,761
Annual compensation for supervisory board	222,223	262,711	291,667	332,536
Mikhail Fridman
Disclosure of transactions between related parties
Retainer	75,000	88,665	60,417	68,883
Annual compensation for supervisory board	75,000	88,665	60,417	68,883
Gennady Gazin
Disclosure of transactions between related parties
Retainer	842,708	996,250	629,167	717,326
Committees	57,292	67,730	33,333	38,004
Other compensation	1,971,749	2,331,001
Annual compensation for supervisory board	2,871,749	3,394,981	662,500	755,330
Amos Genish
Disclosure of transactions between related parties
Retainer	155,556	183,898	204,167	232,775
Committees	66,667	78,813	87,500	99,761
Annual compensation for supervisory board	222,223	262,711	291,667	332,536
Yaroslav Glazunov
Disclosure of transactions between related parties
Retainer	75,000	88,665	13,350	15,221
Annual compensation for supervisory board	75,000	88,665	13,350	15,221
Andrei Gusev
Disclosure of transactions between related parties
Retainer	75,000	88,665	60,417	68,883
Other compensation			500,000	570,060
Annual compensation for supervisory board	75,000	88,665	560,417	638,943
Gunnar Holt
Disclosure of transactions between related parties
Retainer	350,000	413,770	308,333	351,537
Committees	150,000	177,330	118,750	135,389
Annual compensation for supervisory board	500,000	591,100	427,083	486,926
Sir Julian Horn-Smith
Disclosure of transactions between related parties
Retainer			105,114	119,843
Committees			10,511	11,984
Annual compensation for supervisory board	0	0	115,625	131,827
Robert Jan van de Kraats
Disclosure of transactions between related parties
Retainer	350,000	413,770	308,333	351,537
Committees	125,000	147,775	85,417	97,386
Annual compensation for supervisory board	475,000	561,545	393,750	448,923
Guy Laurence
Disclosure of transactions between related parties
Retainer			104,167	118,763
Committees			12,500	14,252
Annual compensation for supervisory board	0	0	116,667	133,015
Alexander Pertsovsky
Disclosure of transactions between related parties
Retainer			47,917	54,631
Annual compensation for supervisory board	0	0	47,917	54,631
Steve Pusey
Disclosure of transactions between related parties
Retainer	189,583	224,125	204,167	232,775
Committees	53,125	62,804	58,333	66,507
Annual compensation for supervisory board	242,708	286,929	€ 262,500	$ 299,282
Leonid Boguslavsky
Disclosure of transactions between related parties
Retainer	335,417	396,530
Committees	23,958	28,323
Annual compensation for supervisory board	359,375	424,853
Sergi Herrero
Disclosure of transactions between related parties
Retainer	195,417	231,022
Committees	13,958	16,502
Annual compensation for supervisory board	209,375	247,524
Irene Shvakman
Disclosure of transactions between related parties
Retainer	195,115	230,665
Committees	27,874	32,952
Annual compensation for supervisory board	222,989	263,617
Vasily Sidorov
Disclosure of transactions between related parties
Retainer	195,115	230,665
Committees	111,494	131,808
Annual compensation for supervisory board	€ 306,609	$ 362,473

RELATED PARTIES - Narrative (De

RELATED PARTIES - Narrative (Details) $ in Millions	Jun. 10, 2021member	Jun. 01, 2020member	Dec. 31, 2021USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of new members elected | member	3	5
Number of previously serving directors | member	9	7
Deferred Shares Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period			2 years
Expense | $			$ 5
Long Term Incentive Scheme
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period			3 years
Expense | $			$ 4

EVENTS AFTER THE REPORTING PE_2

EVENTS AFTER THE REPORTING PERIOD (Details) ₴ in Millions, $ in Millions, ₽ in Billions, ₨ in Billions, ৳ in Billions

Apr. 12, 2022USD ($)installment

Apr. 12, 2022PKR (₨)installment

Feb. 28, 2022USD ($)

Apr. 30, 2022USD ($)loan

Mar. 31, 2022USD ($)numberOfMegahertz

Mar. 31, 2022UAH (₴)

Feb. 28, 2022USD ($)

Feb. 28, 2022RUB (₽)

Feb. 28, 2022PKR (₨)

Dec. 31, 2021USD ($)

Dec. 31, 2020USD ($)

Dec. 31, 2019USD ($)

[1]

Apr. 30, 2022RUB (₽)

Apr. 30, 2022PKR (₨)

Apr. 30, 2022BDT (৳)

Mar. 31, 2022UAH (₴)numberOfMegahertz

Feb. 28, 2022RUB (₽)

Dec. 31, 2021RUB (₽)

Dec. 31, 2021UAH (₴)

Disclosure of non-adjusting events after reporting period

Repayments of borrowings, classified as financing activities

$ 2,466

$ 4,351

[1]

$ 2,891

Borrowings

7,595

$ 7,678

Entering into significant commitments or contingent liabilities | Jazz | Telecommunications licenses, frequencies and permissions

Disclosure of non-adjusting events after reporting period

License renewal with a PTA

$ 486

₨ 45

License term

15 years

15 years

Proportion of settled fee (in percent)

50.00%

50.00%

Number of installments | installment

5

5

Major purchases of asset | Banglalink

Disclosure of non-adjusting events after reporting period

New spectrum acquisition fee

$ 205

Spectrum maturity term

11 years

11 years

Major purchases of asset | Banglalink | 40 MHz Spectrum

Disclosure of non-adjusting events after reporting period

Frequency bands | numberOfMegahertz

40

40

Major purchases of asset | Banglalink | 2300 MHz Spectrum

Disclosure of non-adjusting events after reporting period

Frequency bands | numberOfMegahertz

2,300

2,300

RUB30bn VTB Bank Loan | Repayment of borrowings

Disclosure of non-adjusting events after reporting period

Repayments of borrowings, classified as financing activities

$ 396

₽ 30

VTB Bank Term Loan Facility Agreement, Maturity February 2029

Disclosure of non-adjusting events after reporting period

Notional amount

259

₽ 30

VTB Bank Term Loan Facility Agreement, Maturity February 2029 | Entering into significant commitments or contingent liabilities

Disclosure of non-adjusting events after reporting period

Notional amount

$ 400

400

₽ 30

Revolving Credit Facility

Disclosure of non-adjusting events after reporting period

Available credit

1,250

Revolving Credit Facility | Entering into significant commitments or contingent liabilities

Disclosure of non-adjusting events after reporting period

Borrowing term, extension

1 year

Proceeds from non-current borrowings

430

Revolving Credit Facility | Amendment of borrowing capacity

Disclosure of non-adjusting events after reporting period

Available credit

$ 1,055

Notes at 7.50%

Disclosure of non-adjusting events after reporting period

Notional amount

$ 417

Borrowings, interest rate

7.50%

7.50%

7.50%

Line of Credit Facility | Entering into significant commitments or contingent liabilities | Jazz

Disclosure of non-adjusting events after reporting period

Proceeds from non-current borrowings

$ 222

₨ 40

Alfa Bank $125 commitment

Disclosure of non-adjusting events after reporting period

Notional amount

$ 125

Alfa Bank $125 commitment | Repayment of borrowings

Disclosure of non-adjusting events after reporting period

Repayments of borrowings, classified as financing activities

$ 43

Raiffeisen Bank Russia $170 commitment

Disclosure of non-adjusting events after reporting period

Notional amount

70

Raiffeisen Bank Russia $170 commitment | Repayment of borrowings

Disclosure of non-adjusting events after reporting period

Borrowings

24

Sberbank and Alfa Bank | Entering into significant commitments or contingent liabilities

Disclosure of non-adjusting events after reporting period

Notional amount

$ 1,070

₽ 90

Number of group-level loans | loan

2

JSC Citibank | Kyivstar

Disclosure of non-adjusting events after reporting period

Notional amount

$ 46

₴ 1,350

Alfa Bank $1667 Million Loan | Repayment of borrowings | Kyivstar

Disclosure of non-adjusting events after reporting period

Repayments of borrowings, classified as financing activities

34

₴ 1,003

Notional amount | ₴

₴ 1,677

JSC Credit Agricole | Repayment of borrowings | Kyivstar

Disclosure of non-adjusting events after reporting period

Repayments of borrowings, classified as financing activities

$ 32

₴ 940

Notional amount | ₴

₴ 1,275

Syndicated loan with a 10 year maturity | Entering into significant commitments or contingent liabilities | Jazz

Disclosure of non-adjusting events after reporting period

Notional amount

$ 220

₨ 40

Syndicated loan with a 5 years maturity | Entering into significant commitments or contingent liabilities | Banglalink

Disclosure of non-adjusting events after reporting period

Notional amount

$ 139,000

৳ 12

Borrowings term

5 years

[1]

* Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation ( see note 10 )

BASIS OF PREPARATION OF THE C_2

BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Cash and cash equivalents	[1]	$ 2,252	$ 1,669
Net increase / (decrease) in cash and cash equivalents		714	474	[2]	$ (564)	[2]
Debt and derivatives	[1]	1,242	1,255
Expected credit losses		27
Treasury bills, micro finance bank operations
Cash and cash equivalents		75
Increase (decrease) due to corrections of prior period errors
Net increase / (decrease) in cash and cash equivalents			$ 39		$ 15
Debt and derivatives		$ 31
[1]	* Certain comparative amounts have been reclassified, refer to Note 24 for further details.
[2]	* Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation ( see note 10 )

CONDENSED SEPARATE FINANCIAL _3

CONDENSED SEPARATE FINANCIAL INFORMATION OF VEON LTD - Narrative (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019
Condensed Financial Statements, Captions [Line Items]
Percentage of restricted net assets of consolidated net assets	25.00%
Algeria Segment
Condensed Financial Statements, Captions [Line Items]
Distributable profit percentage	42.50%
Veon Ltd.
Condensed Financial Statements, Captions [Line Items]
Restricted net assets of consolidated subsidiaries as percentage of consolidated net assets	102.00%	390.00%

CONDENSED SEPARATE FINANCIAL _4

CONDENSED SEPARATE FINANCIAL INFORMATION OF VEON LTD - Condensed Statement of Financial Position (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Non-current assets
Intangible assets	$ 3,244	$ 4,152	$ 5,688
Total non-current assets	10,504	11,701
Total current assets	3,553	2,850
Total assets	15,921	14,551
Equity	586	163
Total equity and liabilities	15,921	14,551
Veon Ltd.
Non-current assets
Intangible assets	6	8	10
Tangible fixed assets	3	8	15
Financial fixed assets	690	138	1,152
Total non-current assets	699	154	1,177
Total current assets	119	320	393
Total assets	818	474	1,570
Equity	586	163	1,226
Total liabilities held for sale	232	311	344
Total equity and liabilities	$ 818	$ 474	$ 1,570

CONDENSED SEPARATE FINANCIAL _5

CONDENSED SEPARATE FINANCIAL INFORMATION OF VEON LTD - Condensed Income Statement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Condensed Income Statements, Captions [Line Items]
Selling, general and administrative expenses	$ (2,579)	$ (2,432)	[1]	$ (2,736)	[1]
Operating (loss) / profit	1,544	511	[1]	1,865	[1]
Income tax	(258)	(313)	[1]	(462)	[1]
Total non-operating income and expenses	34	111	[1]	21	[1]
Veon Ltd.
Condensed Income Statements, Captions [Line Items]
Selling, general and administrative expenses	(86)	(101)		(160)
Other gains (losses)	0	0		350
Recharged expenses to group companies	(11)	3		21
Operating (loss) / profit	(97)	(98)		211
Finance income and (costs)	2	(2)		6
Share in result of subsidiaries after tax	773	(249)		404
Income tax	(4)	0		0
Total non-operating income and expenses	772	(251)		410
Profit / (loss) for the year	$ 674	$ (349)		$ 621
[1]	*Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation (see Note 10 )

CONDENSED SEPARATE FINANCIAL _6

CONDENSED SEPARATE FINANCIAL INFORMATION OF VEON LTD - Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Statement of Income Captions [Line Items]
Total comprehensive income (loss) for the year, net of tax	$ 598	$ (857)	$ 739
Veon Ltd.
Condensed Statement of Income Captions [Line Items]
Total comprehensive income (loss) for the year, net of tax	$ 0	$ (800)	$ 733

CONDENSED SEPARATE FINANCIAL _7

CONDENSED SEPARATE FINANCIAL INFORMATION OF VEON LTD - Condensed Statement of Cash Flows (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Investing activities
Other cash flows from investing activities		$ 4	$ (6)	[1]	$ 26	[1]
Financing activities
Proceeds from borrowings, net of fees paid	[2]	2,090	4,621	[1]	2,610	[1]
Repayment of debt		(2,466)	(4,351)	[1]	(2,891)	[1]
Dividends paid to equity owners of the parent		0	(259)	[1]	(520)	[1]
Net increase / (decrease) in cash and cash equivalents		714	474	[1]	(564)	[1]
Net foreign exchange difference		(23)	(51)	[1]	(8)	[1]
Cash and cash equivalents at beginning of period	[3]	1,669
Cash and cash equivalents at end of period	[3]	2,252	1,669
Veon Ltd.
Condensed Cash Flow Statements, Captions [Line Items]
Net cash flows from operating activities		(27)	(13)		(213)
Investing activities
Receipt of dividends		0	0		0
Receipt of capital surplus from a subsidiary		(1)	317		650
Other cash flows from investing activities		3	0		101
Cash flows from (used in) investing activities		2	317		751
Financing activities
Proceeds from borrowings, net of fees paid		0	0		0
Repayment of debt		0	0		0
Dividends paid to equity owners of the parent		0	(260)		(522)
Share capital issued and paid		0	0		0
Cash flows from (used in) financing activities		0	(260)		(522)
Net increase / (decrease) in cash and cash equivalents		(25)	44		16
Net foreign exchange difference		0	0		0
Cash and cash equivalents at beginning of period		79	35		19
Cash and cash equivalents at end of period		$ 54	$ 79		$ 35
[1]	* Prior year comparatives for the years ended December 31, 2020 and 2019 are adjusted following the classification of Algeria as a discontinued operation ( see note 10 )
[2]	Fees paid for borrowings were US$32 (2020: US$29, 2019: US$23)
[3]	* Certain comparative amounts have been reclassified, refer to Note 24 for further details.

Uncategorized Items - vip-20211

Label	Element	Value
Material reconciling items [member] | Material reconciling items [member]
Other revenue	ifrs-full_OtherRevenue	$ (2,000,000)
Other revenue	ifrs-full_OtherRevenue	(2,000,000)
Other revenue	ifrs-full_OtherRevenue	(2,000,000)
Revenue from sale of goods	ifrs-full_RevenueFromSaleOfGoods	0
Revenue from sale of goods	ifrs-full_RevenueFromSaleOfGoods	0
Revenue from sale of goods	ifrs-full_RevenueFromSaleOfGoods	1,000,000
Revenue	ifrs-full_Revenue	(33,000,000)
Revenue	ifrs-full_Revenue	(36,000,000)
Revenue	ifrs-full_Revenue	(33,000,000)
Mobile [Member] | Material reconciling items [member] | Material reconciling items [member]
Revenue from rendering of services	ifrs-full_RevenueFromRenderingOfServices	(34,000,000)
Revenue from rendering of services	ifrs-full_RevenueFromRenderingOfServices	(31,000,000)
Revenue from rendering of services	ifrs-full_RevenueFromRenderingOfServices	(15,000,000)
Fixed [Member] | Material reconciling items [member] | Material reconciling items [member]
Revenue from rendering of services	ifrs-full_RevenueFromRenderingOfServices	0
Revenue from rendering of services	ifrs-full_RevenueFromRenderingOfServices	0
Revenue from rendering of services	ifrs-full_RevenueFromRenderingOfServices	$ (17,000,000)